In a push to focus more on editorial content and advertising sales, Media General Inc. will centralise its production and distribution services for its 24 daily newspapers, as well as 275 weeklies and niche publications, the Tampa Bay Business Journal reported.
The move "will allow publishers and managers to focus on content, sales and new products, including online opportunities," Graham Woodlief, president of Media General's publishing division, said in a statement.
Previously, the company cut its manufacturing sites for daily newspapers down to 11, from 25, according to the Business Journal.
Media General will also suspend its matching employee contributions to 401(k) retirement plans and stopping its profit-sharing contribution. The 401(k) contribution will be suspended beginning on April 1, and will continue through the end of the year. The profit-sharing will cease because the company does not expect its 2009 earnings level to make profit-sharing possible, stated a memo from Marshall N. Morton, the company's president and chief executive, the Business Journal reported.
"I know the fact that Media General is not alone in having to make these decisions does not alleviate the disappointment we all feel. Nevertheless, I know that you understand how important it is to focus on the many ways we are accelerating our response to the rapid changes in our business so that we can position ourselves for long-term growth and prosperity," Morton stated in the memo, according to the Business Journal.

