Wage freezes and other employee concessions negotiated in October brought New Jersey’s largest newspaper, Newark’s The Star-Ledger, back from the brink of a sale or possible bankruptcy. The paper’s publisher, Advance Publications, offered buyouts of a year’s wages and health insurance, hoping to cut at least 200 employees from its staff of over 1,000. More than 200 employees accepted the offer.
The newspaper was on track to lose $40 million in 2008, owner Donald Newhouse told The New York Times. The newspaper industry has suffered the largest drop in advertising revenues since the Great Depression, Newhouse said.
Given the economy, the paper’s fate is still far from certain. “Hope is the operative word,” Newhouse said.