Newspaper publisher Gannett Co. is laying off 700 workers, or 2 percent of its work force, in the latest cutback triggered by a relentless advertising slump.
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Gannett has reduced its work force by 20,000 employees during the past five years through layoffs, attrition and other actions, such as the sale of a Hawaii newspaper. Before the latest cuts, it had 32,600 employees.
Belt tightening helped Gannett boost its earnings by 66 percent last year. The performance resulted in a $1.75 million bonus for Gannett CEO Craig Dubow, a 21 percent increase from $1.45 million in 2009.
Dubow seems like a stand up guy.