Star makes cost cuts
The Ventura County Star said Feb. 18 that it will cut employees’ pay by as much as 5 percent, freeze wages and pension plans, and quit matching 401(k) contributions.
The paper said the changes don’t affect its staffing levels. The cuts were announced a day before E.W. Scripps Co., which owns the Star, was slated to announce its quarterly earnings.
According to the Star, E.W. Scripps President and Chief Executive Officer sent out an e-mail to employees that said, “Our economy is busted at the moment, and recovery won’t come without pain, but the core value of the media business — the news, information and entertainment that we provide each day — has never been in greater demand.”
Pay rates will be frozen for at least a year, the Star reported, and the pension plan will be frozen permanently. The newspaper also said Scripps plans to suspend tuition assistance programs.
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