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StumbleThe Economy:
Citing downturn, R-J offers workers buyouts
Tuesday, Oct. 28, 2008 | 2 a.m.
The Las Vegas Review-Journal, citing the bad economy, is offering buyouts to between 50 and 100 employees to reduce payroll costs.
In a memo distributed to the Review-Journal’s staff Monday, publisher Sherman Frederick said cutbacks are necessary because, despite the newspaper’s circulation gains, ad revenue has fallen in the face of the local and national economic downturn.
“I wish we did not have to take this step,” Frederick wrote. “But, after much thought, I believe it is necessary and prudent in view of economic conditions.”
In a response to a Sun query, Frederick declined to comment on whether any specific departments were being targeted, how many newsroom staffers the paper might lose or how many employees the newspaper has.
The memo said Review-Journal employees have until Friday, Nov. 7, to apply for the buyouts. There is no mention in the memo of any future layoffs.
Any full-time employee who has worked for the Review-Journal for more than one year is eligible for the buyout. Employees are offered one week of severance pay for every six months of work. Severance pay is capped at 24 weeks, which means no more than 12 years of work will count toward an employee’s buyout. The Review-Journal will cover an employee’s health insurance premiums for one year.
In the memo Frederick said the buyouts will be considered on a first-come, first-served basis. He also said, however, that some employees who are in critical positions will not be eligible for buyouts.
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There are no sacred cows in this apocalyptic destruction of long-standing assumptions. This financial crisis will haunt us beyond many Halloweens. If the takers of the buy-outs are medically covered for only one year, their new job searches must be quickly fruitful and this is now the most difficult time for that. God-speed to all who take the chance.
Those people should take that buyout and run back to whatever town they came from.
Layoffs are next. The R-J made a ton of cash during the housing / tourist boom and now that it's over they're stuck with a poorly read paper in a dead town. those ads aren't coming in like they used to.
The R-J has been using "creative math" to boost its fake readership numbers for YEARS and they've been using those numbers to sell ads to mom and pop businesses that don't know any better.
Go to their website and get their rate card, then grab a calculator and a #2 pencil and do the math. They're basically saying that EVERY paper they put out is read by 4 people to give them the 500,000 readers they claim to have.
Sure, uh huh.
Goodbye, R-J.
I'm sad to hear this. The Sun will sound less intelligent without the RJ around.
Maybe if they would LOWER the ad rates they would get more advertising
Lower ad rates? That's like asking Democrats to lower taxes!