Adam Reilly provides the details of cutbacks at the Phoenix newspapers and related media properties — six layoffs (two in editorial), and some pretty significant salary cuts. According to a memo from Stephen Mindich, the chairman, CEO and publisher, the larger salary cuts are reserved for higher-paid employees, which is the way a company ought to be run. (Mindich and Reilly seem to be saying two different things about the percentages, but there may be a nuance that I’m missing.)
Having worked at the Phoenix for more than 14 years, I know how bad Mindich must feel about this. The man is simply the most talented and dogged media executive in Boston, having created the Phoenix, WFNX Radio (101.7 FM) and several other properties literally out of nothing starting in 1966. In addition, he is a person of great integrity and loyalty.
Mindich attributes the Phoenix’s problems almost entirely to the recession, and predicts a recovery down the road, writing:
Like so many other companies in and out of the media business, we’re in a tough spot. But I have every faith in the future. I have no doubt that we have the collective ability to out think our competition and out last these challenging circumstances. Companies that succeed today will be in an extraordinary position tomorrow; we intend and expect to be one of those companies.
Media Nation extends its best wishes to everyone at the Phoenix.