Most of the cuts will come from its publishing division, which will lose 745 jobs. The newspaper business is taking a significant hit from:
- Declining advertising purchases.
- Higher costs that include newsprint, transportation costs, etc.
- Declining readership.
Corporate will lose 20 jobs. No explanation needed as to why there are not many cuts here.
Even more telling in terms of the future of the media business is that all is not bleak for Media General in terms of hiring.
Media General announced that it will add -- yes, add -- 60 jobs in its interactive media division.