New York Times offers 30 newsroom buyouts

December 3, 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: New York Times offers journalists buyouts

Related Stories

NY Times, union agree to new contract

November 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

March 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

Google to serve next version of Android as 'Oreo"

August 22, 2017

An upcoming update to Google's Android software finally has a delectable name. The next version will be known as Oreo, extending Google's tradition of naming each version after a sweet treat.

Forget oil, Russia goes crazy for cryptocurrency

August 16, 2017

Standing in a warehouse in a Moscow suburb, Dmitry Marinichev tries to speak over the deafening hum of hundreds of computers stacked on shelves hard at work mining for crypto money.

Researchers clarify mystery about proposed battery material

August 15, 2017

Battery researchers agree that one of the most promising possibilities for future battery technology is the lithium-air (or lithium-oxygen) battery, which could provide three times as much power for a given weight as today's ...

Signs of distracted driving—pounding heart, sweaty nose

August 15, 2017

Distracted driving—texting or absent-mindedness—claims thousands of lives a year. Researchers from the University of Houston and the Texas A&M Transportation Institute have produced an extensive dataset examining how ...

2 comments

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.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.