Hearst Connecticut Media Group, citing business difficulties related to the Covid-19 pandemic, has offered its employees a voluntary buyout option.
In an article published by the media chain, which operates several daily and weekly newspapers across Fairfield and New Haven counties, the company stated that a “group” of employees have accepted the buyout option, although it did not specify the number of employees or the terms of the option.
Mike DeLuca, the company”™s president and publisher, acknowledged the buyout is part of a restructuring fueled by the financial challenges that the company is experiencing as a result of the pandemic.
“With the uncertainty of Covid and the economic impact it has had across Connecticut, and including our own business, it is prudent to look ahead and smartly look for ways to size our organization appropriately while continuing to strategically invest in our areas of growth,” DeLuca said, adding that some employees who accepted the option “may either be fatigued by the effects of the ongoing pandemic or are just simply looking for a career or lifestyle change.”
DeLuca also stated that the company was planning to invest in about 20 newsroom positions, although he gave no specifics on whether they would be full-time, part-time or freelance jobs. The editorial department was among the segments within the company where the buyouts were being offered.
