New York Times Offers Buyouts in Effort to Shrink Newsroom
In a letter to the staff, Times executive editor Jill Abramson announced she is "seeking 30 managers who are not union members to accept buyout packages."
"There is no getting around the hard news that the size of the newsroom staff must be reduced," Abramson says in the letter, according to the article published this morning.
The paper cites a "volatile" advertising climate as the reason for the need to trim the newsroom, and notes that the New York Times Company's ad revenue shrank by 10.9 percent, according to the latest earnings report.
From the Times:
Employees have until Jan. 24 to accept a severance package. Ms. Abramson pointed out in her note that the business side had cut its staff by more than 60 percent in recent years. The company recently announced that it was offering buyouts to 30 employees in the advertising department. The newsroom had its most extensive cuts in 2008 when it eliminated 100 jobs through buyouts and layoffs. Ms. Abramson urged employees to consider "whether accepting a voluntary severance package at this time in your life makes sense."
If the voluntary buyouts don't fix the paper's money problems, Abramson says there will be layoffs.