Media General gives pink slips to 75 employees

Media General — “smaller, more focused” after selling its newspapers (but for the Tampa Tribune) to Warren Buffett — is dismissing 75 employees today. CEO Marshall Morton tells his staff:

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.

Read his letter after the jump.

Dear Corporate Staff and Digital Media Employees:

Today is a difficult day here in Richmond. A workforce reduction is occurring across our corporate staff departments and in the digital media section of the Growth and Performance group.

I regret having to make any staff reductions. Affected employees will receive severance and outplacement support. These job losses come through no fault of the employees involved, but rather because of necessary changes we must make in the way we address our business. 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.

The total number of positions to be reduced is approximately 75. Affected employees are being notified effective today; however, certain positions will have a deferred termination date between now and the end of the year for various business reasons. These staffing decisions were made with great care and we do not expect to make further across the board reductions.

All employees who are leaving deserve our strong gratitude and thanks for their many contributions to Media General and we wish them the very best in future opportunities. I also thank our continuing employees for your hard work and dedication.

Marshall N. Morton

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