Two months ago, Media General sold over 60 of its newspapers. Now the company will conduct employee layoffs.
Media General has told approximately 75 employees that they will no longer work at the company’s Richmond headquarters. The announcement comes nearly two months after Warren Buffett-owned Berkshire Hathaway bought 63 daily and weekly newspapers from Media General, including the Richmond Times-Dispatch, for $142 million cash.
Today, in a statement sent to employees, Media General CEO Marshall Morton said:
When we sold our newspapers last month, we changed from a company with revenues of $616 million in 2011 and approximately 4,000 employees to one that will have revenues this year of about $350 million and about 1,400 employees working at our television stations. The resources that were necessary to support our larger organization are not justifiable in our smaller, more focused company.
Affected employees were a part of corporate staff and a digital media section. Morton said they will receive severance and outplacement support.