AMI Tabloids Are ‘on a Ventilator’ After David Pecker Enforces Brutal Staff Pay Cut
Supermarket tabloid king and longtime Donald Trump acolyte David Pecker, the chief executive of financially troubled American Media Inc., is cutting the payroll of the National Enquirer and at least nine other AMI publications by 23 percent starting April 1, Pecker announced in a staff memo Saturday.
The company-wide move, which comes as AMI is ending its fiscal year, could well be a harbinger of worse things to come, including mass layoffs and the shutdown of several AMI titles, according to people who are familiar with AMI’s financial condition.
Despite warning signs in recent months that the company has been struggling to stay afloat, Pecker attributed the draconian pay cut to the economic impact of the novel coronavirus pandemic.