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Buyout leaves Post leaner as veterans depart.
Byline: Tim McLaughlin
Nov. 1--The St. Louis Post-Dispatch hits the streets today with a heavy heart and an institutional memory several hundred years lighter.
Nearly 12 percent of the Post-Dispatch's news and editorial staff accepted a voluntary retirement incentive that will save the newspaper's new owner, Lee Enterprises of Davenport, Iowa, up to $7 million a year. The one-time offer was designed to cut operating costs amid an advertising slump that has rattled newsrooms from New York to Los Angeles. The newspaper offered the buyout in August, making it available to most employees age 50 and older with at least five years of service.
The initial cost of the buyout will total about $17 million, with $8.9 million recognized in Lee's fiscal year that ended Sept. 30, Post Dispatch Publisher Terrance C.Z. Egger said. The rest will be reflected in the current…
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Source: HighBeam Research, Buyout leaves Post leaner as veterans depart.
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