Monday, March 15, 2010

Honolulu Advertiser Sends Out 600 Layoff Notices

Three days ago the Honolulu Advertiser notified 600 employees that they could lose their jobs when owner Gannett Co. sells the newspaper and related assets to Oahu Publications Inc., owner of the Honolulu Star-Bulletin next month.

The majority owner of the Honolulu Star-Bulletin, David Black, has put his newspaper up for sale. However, he has said if a buyer isn't found, the two newspapers will merge and layoffs will occur. How many Advertiser employees would be rehired with a merger was uncertain.

The sale will be finalized late in April.

To get an ideal at how desperate Gannett is to unload the Advertiser, it is loaning Oahu Publications $40 million to make the deal happen.

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