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http://seattletimes.nwsource.com/html/businesstechnology/2004095833_newspaper28.html
Somber memo warns of cuts ahead for Times
By Kristi Heim
Seattle Times business reporter
The Seattle Times faces “the most difficult and painful downsizing” in its history next year as millions of advertising dollars continue shifting to the Web, Times Publisher Frank Blethen told employees Thursday in an unusually blunt internal memo.
Mirroring declines at newspapers across the country, The Times expects to see its print revenue drop a total of $33 million for the years 2007 and 2008, Blethen wrote.
Senior executives have found ways to shave $21 million in costs for the coming year, but another $6 million in expenses will have to be cut, the memo said. Blethen did not say how those cuts would be achieved.
“With the company at bare bones, these cuts will hurt deeply going into 2008 and the remainder of the decade,” he wrote.
Despite the financial challenges, Blethen wrote, his family is committed to continuing its ownership role.
The options are selling the paper, closing its doors or transforming the business “to a smaller, more focused organization. ... “
“For better or worse, my family has chosen door number three,” he wrote.
Times spokeswoman Corey Digiacinto said next year’s budget decisions are still being finalized and no details would be announced until after the first of the year.
“There will likely be some difficult cuts, but this is a temporary situation until we can realign our business model to match the changing revenue picture,” she said.
Blethen said he would not comment on a message intended only for Times employees.
snip
They might consider not publishing a quotation from Chairman Mao on their editorial page every day.
LOL! HAHAHAH. Yeah, temporary readjustment to changing revenue pictures! BAWAHaHA Right!
Look Mom, I’ve learned how to say nothing at all, while lying through my teeth.
Aren’t you so proud of me, Mom?
Are they going to stop giving their staff free crack?
Why not downsize the senior leadership group?
They should write more stories daily about illegal immigrants, gay rights and slam America whenever possible..er...nevermind....
Other than no more soy milk in the latte's for the staff...
Off to SD in CA with girlfriend....be back on board next year
Waaaahooooo
Just a wild guess but I suspect the American patriots in Seattle got fed up with the Seattle Times BS and they're not buying the rag.
And, you'd think the other liberal rags would take the hint... cease and desist with the spun story telling...But alas they won't and I'll be cheering from the sidelines as they too go down in flames.
May I suggest, fireing that worthless piece of Shite Joel Connelly.
Employees of the Times' sister paper The Seattle Post-Intelligencer (or simply, "Pee Eye") were seen in a circle around a bonfire (stoked by blocks of a green, leafy substance, the odor of the smoke hinting strongly of burning rope) singing Kumbayah. A senior editor delivered a spittle-flinging, incoherent eulogy laden with numerous references to saints Rather and Couric before collapsing in a wracking, sobbing heap and tugging at his forelock.
The final act of the memorial "togetherness experience" involved the signing of a petition to draft Hugo Chavez for the Democratic Presidential nomination.
Funeral services will be held at the Evergreen State College.
The fact that they lasted this longs attestes to how far left Seattle has gone. They’re now going to “tax” for food in the garbage?
This data gives me a really great warm feeling all over on a cold day in N California:
Blethen noted that the McClatchy Co., which owns 49.5 percent of the controlling stock of The Times Co., has twice written down the value of that holding.
“The shares were valued at “well over $200 million” when the Sacramento, Calif.-based company acquired them through its $4.1 billion purchase of Knight Ridder Inc. in June 2006, he said. They were valued at “only $19 million” last month, he said.”
At first glance, there appears to be one hell of a lot of Enronning if the Shares were valued at $200 million in June of 2006 falling to 19 million in November. Those books had been over cooked and stretched.
Excellent news. MSM taking it on the ass pretty hard.
This is the same paper where cheers erupted in the newsroom when Rove announced his resignation.
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HAPPY NEW YEAR!!!!!!!!!!!