Apparently The Daily Progress is so strapped for reporters these days that it has to rely on the Associated Press to get word out about its parent company’s woes. The Progress’ website posted an AP report today that Media General, which owns 24 other daily papers including The Richmond Times-Dispatch in addition to 22 TV stations and 275 weekly papers, will cut 11 percent of its workforce by October.
Particularly hard hit has been classified advertising, the company said, which helped lead to a 11 percent drop in revenue in April, according to the AP. The stock market approved of the 750 job cuts, boosting shares 7.7 percent.
It might not take much for The Daily Progress to trim its reporting staff. After losing 31-year veteran Bob Gibson to UVA’s Sorensen Institute for Political Leadership this spring, the paper will soon lose the talents of young reporters Seth Rosen and Jeremy Borden.
The Daily Progress lost 31-year veteran Bob Gibson in April, which could help the paper meet job cut demands from parent company Media General.