Another major US newspaper files for bankruptcy

WASHINGTON: As mainstream American media continues to be hit by the recession tide, major newspapers have taken emergency measures including filing for bankruptcy, announcing job cuts and effecting pay cut to stay afloat.

Minneapolis Star Tribune published from Minneapolis has said it has filed for bankruptcy because of high debt and sharp decline in print advertising. The newspaper has an average daily circulation of 334,000 and hits 552,000 on Sundays, besides attracting 76 million page views per month.

The bankruptcy, filed with the Bankruptcy Court in the Southern District of New York, was expected as the daily had missed several payments to its lenders.

Besides, the prestigious Boston Globe announced its plans to cut as many as 50 full time jobs in its newsroom to tide over the economic downturn and financial pressures affecting the newspaper.

The 12 per cent cut of the company's news and editorial staff is the fifth such measure by the paper since 2001. The newspaper said all the company's 379 full time news employees would be offered buyouts in coming weeks.

Further, the New Yorker magazine is reported to have told its core writing staff that they would get a pay cut this year. The magazine had laid off a few people at the end of the last year.

Other major US media companies are reporting the same. Last week, Gannett Co, which owns a series of newspaper across the country, said it would ask all its employees to take a week's off without pay. While, The Seattle Post has been put on sale, The Pittsburgh Tribune has offered buyouts to all its 672 employees.

Last year The New York Times took loan on its property in mid-town Manhattan, while The Chicago Tribune filed for bankruptcy.