E.W. Scripps posts 4th quarter loss; will cut pay

E.W. Scripps released its fourth quarter results on Thursday, revealing a 6.2 percent year-over-year decline in revenue.
In all, the company lost $19.4 million in the quarter, prompting plans to decrease spending over the next year, according to The New York Times.

Scripps, which owns a chain of local newspapers and TV stations, told employees Wednesday that it was cutting most salaries at newspapers and in corporate offices by 3 to 5 percent, suspending its matching 401(k) contributions and planning to freeze pensions later this year.
The moves are expected to save $20 million this year.

Rich Boehne, president and CEO, reflected on the results in the press release:

"It became apparent toward the end of the year there's nowhere to hide from the national economic crisis. Despite our geographic diversity and multiple sources of advertising revenue, we're feeling the pain as the recession rolls its way through our local markets and media businesses."

Click here for the Times story, and here for the press release.