Freedom New Mexico
IRVINE, Calif. — Faced with continuing industry weakness in advertising spending, Freedom Communications Inc., parent company of Freedom New Mexico, announced on Friday a company-wide furlough program.
Hourly and salaried associates at all levels of the company will take five days off work, without pay, between April 1 and June 30.
“We need to continue to reduce expenses while delivering our valuable products and services to our customers and advertisers. Of the many options we considered, a furlough provides the savings we’re seeking, while still allowing us to maximize operations,” said Freedom CEO Scott Flanders.
“Freedom continues to generate positive cash flow,” he said, “and we see the furlough program as a sound business and financial move to help weather the present severe economic conditions that we believe will improve by year end.”
Freedom employees and supervisors will together schedule furloughs to minimize the impact on customers and operations, Flanders added.
This announcement mirrors actions taken by many of Freedom’s media industry peers, including MediaNews, Media General, McClatchy and Gannett.
Freedom Communications, headquartered in Irvine, Calif., is a national privately owned information and entertainment company of print publications, broadcast television stations and interactive businesses. The company’s portfolio includes 33 daily and 77 weekly newspapers, including the Clovis News Journal, Portales News-Tribune and Quay County Sun in Tucumcari.