NEW YORK (
) -- Market investors are applauding
decision to cut another group of staff -- and just in time for the holidays.
Gannett stock jumped 8% to $11 after the announcement on Friday, forty-five minutes before the closing bell.
In its most recent round of layoffs yet, Gannett has made the call to cut 166 jobs at the
, located outside New York City. The paper covers three counties north of the city. The work will be replaced through the outsourcing of printing and mailing operations.
Starting in March, all of the newspaper's printing and mailing operations will be performed in Rockaway, New Jersey.
The Journal News
will also try to sell its Harrison headquarters, the printing location for both the
. The big next step for the
would be to either lease back space or relocate.
Gannett, which also owns
has slashed several thousand jobs since last year in order to cope with declining advertising revenue, as more people abandon print newspaper subscriptions for free online news. Gannett says its latest move will cut operating expenses and avert some capital spending.
In Monday trading, The New York Times
, a Gannett competitor that's also been suffering from severe declines in advertising revenues, is up 1.8% at $8.90. Media conglomerate
has been trading up 0.2% at $14.50. Meanwhile, shares of
The Washington Post
have slid 2.3% to $409.50.
-- Reported by Andrea Tse in New York
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.