A shortfall in third quarter advertising revenue is forcing Media General employees to take five additional furlough days, adding to the 10 days off without pay they were told to take earlier this year.
A letter was sent today to Media General employees, including those at the Richmond Times-Dispatch, from Vice President Jim Zimmerman, informing them of the company’s decision to add one mandatory furlough day for each employee in the third quarter and four in the fourth quarter.
The information was also given to employees at company meetings held today at Media General locations.
From the letter:
Some MG locations have experienced last minute advertiser cancellations and deferrals of planned spending as some of our customers shore up their own third-quarter financial performance. Other markets continue to wrestle with fully stemming the impact of advertising revenue declines.
The letter goes on to ask that unionized and contract employees participate in the furlough as well.
Start with the CEO and COO and work your way down to the local presidents. That’s the problem. All they know how to do is cut, cut, cut. Revenue and innovation? Not working for them because they are too old school. It’s a good ole boys club with the good ole boys being promoted. Nothing to do with talent.
Is bankruptcy looming for them? One can only wonder after Freedom and others have or are going that route.
I feel sorry for my bretheren at MEG.