The EW Scripps Co. is laying off about 400 of its newspaper employees as part of a restructuring, a move expected to save $15 million.
The Cincinnati-based Scripps reported its third quarter results today for its television, newspaper, and licensing and syndication businesses, which showed a 9% drop in revenue of $230 million, compared with $253 million in Q3 2007. Year-over-year revenue from newspapers operated solely by Scripps fell 17% to $131 million. Advertising revenue was down 20%to $101 million.
The company said it notified employees Thursday, but did not say which papers were affected. Scripps has daily and community newspapers in 15 markets. The company also said it would suspend its quarterly dividend to help improve its financial flexibility.