New York Times to cut 100 jobs
Newspaper will slash 8% of its newsroom staff by the end of 2009, asking staff to volunteer for buyouts before layoffs become necessary.
NEW YORK (CNNMoney.com) -- The New York Times on Monday announced plans to cut 100 jobs from its newsroom, about 8% of its news staff, by the end of the year.
The newspaper will offer buyouts to staff who voluntarily leave the company, and it will lay off others if there are not enough volunteers, Executive Editor Bill Keller said in an e-mail to his staff. Employees will have 45 days to apply for a buyout.
The paper also slashed 100 journalism positions in early 2008, the first mass newsroom layoff in the company's history. The Times has since made other, much deeper cuts throughout the company. In addition, employees were asked to take a 5% pay cut for most of 2009.
News department employment rose to an all-time high of 1,332 positions in February 2008 before the paper began to trim its staff. The paper employs 1,250 people in its news department, making it by far the largest newspaper staff in the United States.
The Times said further budget cuts also loom for the paper's editorial, op-ed, and business departments.
The company has traditionally been able to "protect the journalism" by cutting costs, production and other business-related expenses, but cuts to newsroom staff were necessary, according to Keller.
"In recent years, we've managed to avoid the disabling cutbacks that have hit other newsrooms," said Keller. "These latest cuts will still leave us with the largest, strongest and most ambitious editorial staff of any newsroom in the country, if not the world."
The recession has been a disastrous time for newspapers, as advertising fees have fallen and more readers flock to free online content.
A spokeswoman for the New York Times Co. (NYT) provided no comment beyond Keller's staff note.