Reports: Gannett to Cut More Jobs (Update)

(Update includes revision of layoff projections, photo gallery of media layoffs, and updates of company's stock price.)

A range of anonymous sources both on blogs and in the mainstream press are reporting that Gannett(GCI Quote), publisher of the USA Today, will announce a slew of layoffs after the July 4 holiday.

Reported figures are as low as 1,000 people and as high as 4,500.

The moves come at a time when the newspaper publishing business has been laid low by the recession -- and a consequent collapse in ad volumes and rates -- and caught by the Internet's inexorable transformation of the news-consuming culture. Print news executives have been scrambling to figure out a way to shift their business models to deal with the latter.

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