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.
Advertisement-content continues below
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.