Gazette parent cuts staff pay 5 percent

The Orange County Register is reporting today that its parent company, Freedom Communications, which also owns The Gazette, will make an across-the-board employee pay cut effective July 13.

The Register reported that the company has struggled financially due to the weak economy but that it also is struggling under $700 million in debt that it took on in 2004 to pay members of the family-owned company who wanted to cash in their shares.

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