February 23, 2009
Pay cuts at VillageSoup
By The Mainebiz News Staff
Rockland-based online newspaper company Village Net Media recently instituted a 10% pay reduction in response to dwindling advertising revenue.
The company -- which employs 95 people at its Rockland printing plant, four newspapers in the midcoast and Augusta areas and news website VillageSoup.com -- said decreased revenue from auto, real estate and classified ads prompted the cuts. Ron Belyea, vice president and COO of Village Net Media, told the Bangor Daily News the drop in revenue is the worst he's seen in 25 years in the newspaper business.
Village Net Media, which relies on Internet advertising for 19% of its revenue, hopes the reductions are temporary and that layoffs won't be necessary, according to the Daily News.
Most Recent
Most Recent
Comments