New York Times offers journalists buyouts

Oct 13, 2011
The New York Times said Thursday it would offer buyouts to more than a dozen journalists as it seeks to cut costs in an "uncertain" economy.

The New York Times said Thursday it would offer buyouts to more than a dozen journalists as it seeks to cut costs in an "uncertain" economy.

"We are announcing today a limited buyout opportunity to volunteers," Jill Abramson, of The , said in an internal memo to staff obtained by AFP.

"By limited, that means we are looking at fewer than 20 buyouts across the newsroom, among volunteers who see the offer as being to their financial advantage at this time."

Abramson stressed the offer was absolutely voluntary, and applied to Guild-covered and non-union staff at the iconic US newspaper.

"No matter how many people do or do not raise their hands, no one in the newsroom -- either Guild or excluded -- will be laid off as a result of this program," she said.

The Times chief noted the company reserves the right to turn down certain volunteers if they work in areas of the newsroom "where we feel we cannot reduce our numbers."

"While we remain as loyal as ever to Times journalism and journalists, the uncertain has posed a continuing and difficult challenge to The Times: how to rebalance our business for the digital age while remaining steadfast to the quality journalism that defines us?" the memo said.

For non-union volunteers, the Times is offering two weeks of per year of service, for a maximum of one year of salary.

The buyout formula for Guild members provides three weeks of severance pay for each year worked, capped at two years of salary.

The Times memo pointed out the business side of the newspaper also was tightening its belt, mostly by eliminating vacant positions.

Explore further: Amazon launches 3D printing store

add to favorites email to friend print save as pdf

Related Stories

NY Times, Washington Post to cull staff

Mar 26, 2009

The New York Times and Washington Post, two of the most prestigious titles in American journalism, plan another round of pay cuts, layoffs and buyouts amid a steep decline in advertising revenue.

Huffington Post rebuffs union boycott call

Mar 19, 2011

The Huffington Post rebuffed a union boycott call over its practice of using unpaid bloggers, saying most of them are "thrilled to contribute" despite not being paid.

Cost-cutting at NY Times, reorganization at WPost

Apr 16, 2009

The New York Times unveiled plans on Thursday to eliminate several weekly sections of the newspaper in the latest cost-cutting move at the prestigious but financially troubled daily.

NY Times postpones threat to close Boston Globe

May 04, 2009

The New York Times Co. on Monday postponed its threat to close the Boston Globe after reaching agreement with six of the seven unions at the newspaper on cost-saving measures.

Recommended for you

Chinese smartphone makers win as market swells

7 hours ago

Chinese smartphone makers racked up big gains as the global market for Internet-linked handsets grew to record levels in the second quarter, International Data Corp said Tuesday.

Full appeals court upholds labels on meat packages

7 hours ago

(AP)—A federal appeals court has upheld new government rules that require labels on packaged steaks, ribs and other cuts of meat to say where the animals were born, raised and slaughtered.

BlackBerry buys German anti-eavesdropping firm

7 hours ago

Canadian smartphone maker BlackBerry announced Tuesday the purchase of German voice and data encryption and anti-eavesdropping firm Secusmart, whose customers include NATO and German Chancellor Angela Merkel ...

India's Flipkart raises $1 bn to tackle Amazon

9 hours ago

India's top e-commerce company Flipkart said Tuesday it had raised $1 billion (60 billion rupees) in funds as it battles US giant Amazon for supremacy in the hyper-competitive local market.

User comments : 2

Adjust slider to filter visible comments by rank

Display comments: newest first

not rated yet Oct 13, 2011
These are very tough times for all journalists.Most journalists have a face for radio or print.However, new outlets seeking fine writers exist around the globe. I am not sure why newscasters assume New York is the capital of world events. Other places like Tokyo,Shanghai,Seoul,Los Angeles, Dubai,Barcelona,Milan,Paris,Buenos Aires,and Berlin offer far better opportunities,and most likely better salaries.
It is true they will have to forge a strong working relationship with their translators who they can find within the US universities,or online. Sufficient cash can be provided for these established and uncanny translators.
But if you have worked with Times editors,you can work with almost anyone.
not rated yet Oct 17, 2011
since the death of investigative journalism in most english speaking countries this is not much of story. All these clowns need do is ask 1o Downing or the WH what they should print in support of the banks and the endless wars - do not need a deep bench for that.