New York Times offers 30 newsroom buyouts

Dec 03, 2012
The New York Times says it was offering buyouts to 30 newsroom managers and other journalists as part of an ongoing cost-cutting drive in a difficult environment for the newspaper industry.

The New York Times said Monday it was offering buyouts to 30 newsroom managers and other journalists as part of an ongoing cost-cutting drive in a difficult environment for the newspaper industry.

"There is no getting around the hard news that the size of the newsroom staff must be reduced," Jill Abramson said in a letter to staff, which was was cited in the newspaper.

The Times reported that the primary goal of the program is to trim managers and other non-union employees, but will also offer some reporters and editors in the newsroom a chance to volunteer for buyouts.

The prestigious US daily has been cutting jobs in recent years even as it expands its online operations, and now has a newsroom roughly the same size as in 2003, about 1,150 people.

Employees will be given until January 24 to decide on accepting a severance package, according to the memo, which also stated: "I hope the needed savings can be achieved through voluntary but if not, I will be forced to go to layoffs among the excluded staff."

The cutbacks come less than a month after unionized newsroom employees ratified a new contract through 2016 which offers modest raises and a revamped pension, ending a deadlock of more than a year and a half.

The Company, seeking to manage a shift to a , recently reported net income for the third quarter of $2.28 million, a slump of 85 percent from a year ago.

Overall revenue fell 0.6 percent from a year ago to $449 million, hurt by weakness in advertising, but partially offset by gains in paid .

Explore further: Sony forecasts $2B loss as smartphones lag (Update)

add to favorites email to friend print save as pdf

Related Stories

NY Times, union agree to new contract

Nov 14, 2012

Union members at The New York Times approved a new contract through 2016 which offers modest raises and a revamped pension, ending a deadlock of more than a year and a half.

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.

Recommended for you

Sony forecasts $2B loss as smartphones lag (Update)

22 hours ago

Sony expects its annual loss to swell to $2 billion and has canceled dividends for the first time in more than half a century after writing down the value of its troubled smartphone business.

Alibaba post-IPO structure gives insiders control

22 hours ago

Control over Alibaba Group will stay in the hands of founder Jack Ma and other company veterans after the Chinese e-commerce giant goes public on the New York Stock Exchange in a record busting share sale.

User comments : 2

Adjust slider to filter visible comments by rank

Display comments: newest first

mrlewish
5 / 5 (1) Dec 03, 2012
Why offer buyouts? Why not just fire them and be done with it?
FrankHerbert
1 / 5 (5) Dec 03, 2012
Ever heard of a contract? Why give tens and hundreds of millions of dollars to CEOs that run their corporations into the ground? They are legally obligated.