Home>Highlight>Company buying Gannett lays off 24 at other papers

Company buying Gannett lays off 24 at other papers

Cuts come at 5 U.S. papers owned by GateHouse

By David Wildstein, August 14 2019 9:10 am

GateHouse Media has laid off two dozen newspaper employees so far this week, according to a report by Poynter.

The move comes a week after GateHouse announced plans to purchase the Gannett newspaper chain and merge it into their own.

The moves could be a precursor of the ghost of the near future in New Jersey media.

Gannett operates eight daily newspapers in New Jersey, including The (Bergen) Record and the Asbury Park Press.

According to Poynter, one of the casualties was a Worcester (Massachusetts) Telegram & Gazette columnist who had worked at the paper for 26 years.

The mega media company is expected to cut about $275 million to $300 million in annual costs, the Wall Street Journal reported.   Some of that will be necessary to fund an 11.5% interest rate on a nearly $1.8 billion term loan being used to fund the purchase.

GateHouse currently owns the Burlington County Times and is in the process of closing on the purchase of the New Jersey Herald.

The Herald News, Daily Record, Home News Tribune, Courier-News, Courier-Post and Daily Journal are owned by Gannett.

The deal for the merger of GateHouse and Gannett is expected to be completed by the end of the year.

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