In a major shakeup at the
New York Daily News, Chief Executive Marc Kramer is leaving the paper after four years, marking the latest high-level exit. William Holiber, president and CEO of
US
News & World Report, will take on Kramer's duties at the paper, in addition to his magazine responsibilities. Kramer is leaving before his contract expires at year's end.
Kramer is
said to have been a driving force behind News owner Mort Zuckerman's decision to invest $150 million in new, state-of-the-art printing presses, despite the newspaper industry's widespread contraction.
So far, the improvements, which allow for 4C printing on every page, have not boosted advertising or readership. When Kramer pushed for the new presses two years ago, daily circulation stood at
700,000. Now it is less than 550,000. Industry sources also say advertising is down.
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