Media company E.W. Scripps Co. will make widespread pay cuts and suspend some retirement benefits to control expenses, the company’s chief executive said in a memo to employees.
CINCINNATI (AP) Media company E.W. Scripps Co. will make widespread pay cuts and suspend some retirement benefits to control expenses, the company’s chief executive said in a memo to employees.
CEO Rich Boehne said in the Wednesday memo that the changes are needed to give the Cincinnati-based Scripps “the strength to weather the storm” in tough economic times.
Scripps operates daily and community newspapers in 15 markets, and 10 TV stations. Newspapers include the Rocky Mountain News in Denver, The Commercial Appeal in Memphis, The Knoxville (Tennessee) News Sentinel and the Ventura County (California) Star. Scripps is trying to sell the Rocky Mountain News, which may close if a buyer can’t be found.
Scripps also operates Scripps Howard News Service and United Media, which is the worldwide licensing and syndication home of Peanuts, Dilbert and 150 other features and characters.
“A comprehensive and wrenching process led us to these decisions, but we must act now to reduce costs and remain competitive,” Boehne said in the memo.
Company spokesman Tim King confirmed that the memo posted on the Web site of The Poynter Institute is authentic, but declined further comment on the cuts. He said the company’s plans would be discussed during its fourth-quarter earnings call Thursday morning.