And you think it's bad here..

In the US, job cuts imposed by Gannett, which owns Newsquest in the UK, will end up eliminating around 2,000 posts across all of the company's 85 daily papers, except the Detroit Free Press and USA Today, according to Editor and Publisher magazine. The cutbacks, which will affect about 10 per cent of jobs in the company's Community Publishing Division, were announced in late October.
Also in the US, MediaWeek reports: "Newspaper and newspaper groups are likely to default on their debt and go out of business next year -- leaving 'several cities' with no daily newspaper at all." The prediction is made by credit ratings company Fitch Ratings which says in a report :"Fitch believes more newspapers and newspaper groups will default, be shut down and be liquidated in 2009 and several cities could go without a daily print newspaper by 2010."