Gannett Co. plans to fire 2 percent of its workforce as the newspaper industry struggles with the shift in advertising dollars to online media.

The cuts may affect about 380 employees including newsroom staff, according to a memo to staff by company president and chief executive Bob Dickey. The company has 19,000 workers including 4,000 journalists among its newspaper holdings.

“We will communicate with the majority of those affected by the end of the day on Oct. 25, with actions completed by the end of the week,” he said in a memo obtained by Politico. “We will all feel the loss of great colleagues.”

Dickey said the company will focus on acquisitions as it has in past year. Gannet this year completed the acquisition of Journal Media Group Inc., North Jersey Media Group Inc. and digital marketing company ReachLocal Inc., according to The Wall Street Journal.

Gannett’s stock has fallen 36 percent since the beginning of the year to about $10.50 a share. Ad revenue fell 0.2 percent in the quarter ended June 30 from the prior year.
“Over the next 18 months, we will continue to build our scale and invest in important digital capabilities and experiences—such as critical e-commerce infrastructure and significant upgrades to our digital content platforms,” Dickey wrote.

Gannett isn’t the only news publisher cutting staff.

Last week, The Wall Street Journal offered employees buyouts and warned of possible layoffs, while the New York Times offered buyouts earlier this year and said it plans to cut more jobs next year.