It doesn’t even matter if the owner of your newspaper happens to be one of the richest men in the world. This will not save you from redundancy. The Oklahoman newspaper – The Tulsa World – was acquired by Berkshire Hathaway in February 2013. Buffett and company picked up the newspaper only to have to shed 50 jobs during July of the same year.
Here is the current list of job cuts:
There were 12 job cuts in the production department, information technology department and administrative department. That still leaves 38 more job cuts that will take place over the coming months.
Bill Masterson, publisher of the newspaper, let the staff know that these job cuts were part of a reorganization plan to help the newspaper achieve industry norms.
He also said: “We looked at all our expense streams and made some hard choices that will allow us to be as efficient as possible in the future.”
Over the past 18 months, the media division at Berkshire Hathaway spent about $400 million buying 29 daily newspapers. They also purchased 40 non-daily newspapers as part of this figure.