Just days after The Press of Atlantic City raised single copy rates by 50%, the once mighty BH Media, parent company of the Press, slashed employee count by 289 company wide.
At the Press of Atlantic City, 12 positions were eliminated.
Below are highlighted portions of an email sent to employees by the Publisher of Press of AC, Downbeach Current, Brigantine Beachcomber and Shore News Today: Mark Blum.
From: Blum, Mark
Sent: Monday, April 03, 2017 12:29 PM
To: ACY All POAC & Catamaran Employees
Subject: Today’s Reductions in Force
Today has been a very difficult day for all of us here at The Press and Catamaran Media, myself included.
The revenue losses in 2016 and continuing in 2017 made it necessary to significantly reduce our expenses.
Although we have taken steps to eliminate as much discretionary spending as possible, it became impossible to avoid eliminating positions. We needed to right-size the company in order to continue to operate profitably, which is necessary to practice exceptional journalism.
Today, we announced the difficult decision to eliminate 12 positions within The Press and Catamaran Media. Although necessary, these reductions reflect the struggle that our industry is facing today.
Although print remains a primary revenue source for us today, it is imperative that we continue to search for ways to grow our digital publishing business.
Print revenues will more than likely continue to decline
Print revenues will more than likely continue to decline in the future as the retail industry continues to contract and we need to find ways to grow revenue streams from other sources in order to continue to grow our digital publishing business and make the necessary investments to compete in that space.
We just need to find ways to “monetize” that (digital) audience. Many initiatives are underway both here and at the corporate level to find ways to do that.
If any of you have any ideas or would like to be part of several “brainstorming” committees that we have started, please let me know as I would welcome your input and/or participation.
Publisher, The Press of Atlantic City, Shore News Today