Media General, Inc. (NYSE: MEG) is going to cut 810 jobs to reduce operating costs, but add 60 online jobs.
The majority of cuts will be made in its publishing division, which will lose 745 jobs. Its broadcast division will lose 45 positions and its corporate staff will lose 20 more. Media General will add 60 jobs to its online department.
Further information about cuts was not disclosed, except that all the changes will be completed by October.
The planned lay-offs will provide the company with annual savings of $40 million.
Ukrainian Foreign Minister Dmitry Kuleba believes that "Crimea has already become a" suitcase without a handle” for Russia