The Lincoln Journal Star announced 16 cuts today, eight of which were from the newsroom. The story puts much of the blame on the rising cost of newsprint but fails to address whether or not any cutbacks were ordered from above.
Last week, LJS owners Lee Enterprises announced their Q3 profits fell more than 87 percent since the same quarter last year. The company had already been forced to revise its 2008 Q2 losses, acknowledging that losses originally reported as $4.5 million were actually $716.4 million.
Lee’s value has dropped 93 percent since late 2004, when it was valued around $2 billion. Lee was trading in the $45-50 range in November and December 2004; the stock price has bounced back above $3 after dipping in the $2 range last week, putting the company’s value around $145 million.
UPDATE: “Mary E. Junck [CEO] of Lee Enterprises (LEE) pocketed a 17.8% increase to earn a bit less than $3.4 million as her company’s stock skidded 52.3%.” – newsosaur