Freedom Communications Inc., the parent company of the East Valley Tribune, announced Tuesday an across-the-board, 5-percent pay reduction for all company employees, effective July 13.
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"This is a painful but necessary step as we continue the transformation of our company while delivering our valuable products and services to our customers, advertisers and communities," said Freedom CEO Burl Osborne in a prepared statement.
Freedom, based in Irvine, Calif., is a multiplatform media company. Its flagship is the Orange County Register. In Arizona, it also owns the Ahwatukee Foothills News, Sun City Daily-News Sun and Yuma Sun.
The U.S. newspaper industry has been racked by declining revenue in the past year, brought on by a variety of factors, including a changing advertising environment driven by alternative, online resources and the prolonged economic downturn.
Freedom imposed a mandatory one-week, unpaid furlough for all employees during the second quarter of this year. Company officials said no furloughs will take place in the third quarter.