Scripps only made a $73 million profit in the fourth quarter of 2022, so naturally, the company announced in its fourth-quarter report that it would eliminate 300 jobs in the next 12 months.

The pink slips will be part of a national restructuring aimed at reducing annual expenses by $40 million.

“The reorganization work will include the centralization of some services and the consolidation of layers of management across the company,” CEO Adam Symson said in a press release. “Our end goal, however, is not just a more efficient structure but a smarter one, designed to use the breadth of our assets to accelerate the company’s growth.”

Translation: More work at the same pay for those left at the company.

The $73 million profit was $9.8 million less than armchair-occupying Wall Street analysts were expecting.

And they base their expectations on…..????

More News from Monday, February 27, 2023