Richard Budman, publisher of The Signal, resigned today effective immediately. Budman, who was a minority owner of the Signal, made the surprise announcement today to the staff at the paper. Executives from the majority owner, Morris Newspaper Group of Georgia, were reportedly in town to discuss cuts at The Signal.

 

Sources close to the situation have indicated that up to 30% staff cuts will be taking place at The Signal. Apparently editorial and news staff will be having conversations with the visiting executives over the next few days. There will be surely more to come as this story evolves.

 

The entire Newspaper industry has been going through a transition over the past several years as the industry has grappled with electronic media. Industry observers have commented repeatedly on the erosion of readership at papers around the country. Old media operators have struggled with adopting the electronic medium and have not come up with a business model that allows them to monetize the new platform.