The St. Louis Post-Dispatch gave 50 of it's employees early retirement this past week. The paper, which is owned by Lee Enterprises of Iowa cited "business not being very good" as it's reason for making the move. It will cost the publishing company more than four million dollars, but Lee claims it will save in excess of 10 million dollars over time.
The thing that strikes me is the media business in general is doing very well. Several companies have turned in record profits during the past year. For example, Gannett, ABC, and The New York Times have all posted record earnings. Granted they also own TV stations in large markets that help to fatten up the bottom line. But, their print media are also doing well.
For Lee to claim business is not very good is almost laughable. It's main problem is that it spent millions for the Post and now it has a bad publication. Lee would have been more accurate to say the Post-Dispatch isn't very good and that it's circulation continues to decline which in turn results in the loss of thousands of advertising dollars.
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