Publishing/Writing: Insights, News, Intrigue

08/11/2010

Newsday is GROWING!


Good news for newspapers!…At least one newspaper. It appears the newspaper biz may be experiencing a resurgence in profitability just like the magazine sector has of late.

I’m happy for these type publishers turning the corner.

Matthew Flamm of Crain’s New York Business reports this RE Newsday:

After several rounds of cutbacks and a battle with its union over a new contract, Newsday is hiring.

In a memo to the paper’s staff Wednesday morning, Editor-in-Chief Debby Krenek announced that the Cablevision-owned daily would hire 34 new reporters over the next six months and add 2,600 pages of additional news annually, or about seven pages a day.

“I’m very excited to announce that we are making this significant investment in people and pages to provide more and stronger coverage for Long Islanders,” she wrote.

The hires are a surprise move at a time when few newspapers are hiring and many continue to cut back. It’s particularly surprising that Cablevision is making this investment following bitter contract negotiations that ended in June with Newsday union members agreeing to wage cuts of from 5% to 10%.

The Dolan family, which controls Cablevision Systems Corp., paid $650 million for Newsday in 2008. By combining the paper with Cablevision assets, the Dolans were hoping to become the dominant player in Long Island news. They have been mainly preoccupied with cutbacks as newspaper advertising has plummeted.

In the second quarter of 2010, Newsday had revenue of $80 million, down 10% from the year ago period. The paper’s operating loss narrowed to $1.3 million from $2.6 million.

Read more http://alturl.com/5hu8y

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1 Comment »

  1. Forwarding to my journalist friend

    Comment by Frances Jeanne — 08/11/2010 @ 10:04 pm | Reply


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