McLean, Va.
– A year after first implementing wage freezes at many of its newspapers, Gannett (NYSE: GCI)
said that it plans to end the policy beginning April 1.
The company, which
posted a profit of $133.6 million last quarter, credited its aggressive cost
cutting in recent months with helping improve its financial performance.
"Thanks to the outstanding efforts across our division, we have been able
to continue restructuring our costs, improve our revenue trends and are
tracking as we hoped for the first quarter," wrote Bob Dickey, the president
of Gannett’s U.S. Community Newspaper division, in a memo to employees,
published by the blog Gannettoid.
"Going forward, we will get back into
the normal review cycle where people will be eligible for raises based, as
always, on performance and contributions to the overall organization."
The
news, however, doesn’t apply to the company’s largest newspaper, USA Today,
which in February announced furloughs and extended its pay freeze at least
through May.
Related Links:
http://www.gannettoid.com/wages030110.html
