Thursday, November 16, 2006

MediaNews Profits Soar As It Dumps Local Workers

By Chris Thompson
Thu, Nov 16, 2006 at 3:24 PM

After firing dozens of employees at papers such as the Oakland Tribune and the San Jose Mercury News, announcing plans to slash dozens more positions at the Merc and the Contra Costa Times, and outsourcing its advertising production departments to India, officials with the Denver-based MediaNews Group announced that its latest quarterly profits were soaring. According to the Denver Post, MediaNews profits rose from $982,000 in the third quarter of 2005 to $13.3 million last quarter. This was mostly due to acquiring more profitable papers such as...drum roll, please....the Contra Costa Times.

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