By RICHARD PÉREZ-PEÑA, New York Times
The grim newspaper news continued on Friday, as the Gannett Company said it planned a $5 billion write-down and a possible dividend reduction, while The Los Angeles Times and the A. H. Belo Corporation each announced major job cuts.
A. H. Belo, publisher of The Dallas Morning News and other papers, said it would eliminate 500 jobs, or one-seventh of its work force. The Los Angeles Times said it would cut 300 jobs, including 70 positions in its newsroom staff of more than 600, a drop of 11 percent.
Gannett reported a fourth-quarter profit of $158 million, down 35.6 percent from the fourth quarter of 2007. For all of 2008, the company lost $1.8 billion, in contrast to a year-earlier profit of $1.06 billion, after write-downs it has already taken that total $2.5 billion.