Thursday, October 27, 2016

Company that owns the RS posts $24.2 million loss

Gannett Co., the multinational corporation whose more than 100 newspapers includes Redding's Record Searchlight, posted a third-quarter loss of $24.2 million, it was announced today.

The company whose motto is (get this) "Local Is National" is responding by laying off 2 percent of its employees, or about 380 jobs nationwide, including an undisclosed number in the Redding office. Yet the Wall Street Journal reports it has sweetened its offer to gobble up Tronc Inc., another mega-company whose holdings include the Los Angeles Times and Chicago Tribune.

Pretty soon there's going to be one national newspaper. Gannett will own all the dailies, and then it'll be interesting to see what they start doing with all these little local papers that are looking more and more like miniature versions of USA Today.

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