New York Times To Cut 100 Jobs
Posted on February 19, 2008The New York Times plans to eliminate about 100 newsroom jobs this year. Executive Editor Bill Keller said the publisher plans to offer buyouts but layoffs will occur if needed.
This new follows closely on news that the L.A. Times is also going to be reducing jobs. It also comes shortly after news that the media work force has hit a 15-year low. If cuts like these continue it will shrink even more in 2008.The cuts will be achieved by "by not filling jobs that go vacant, by offering buyouts, and if necessary by layoffs," said the executive editor, Bill Keller. The more people who accept buyouts, he said, "the smaller the prospect of layoffs, but we should brace ourselves for the likelihood that there will be some layoffs."
The Times has 1,332 newsroom employees, the largest number in its history; no other American newspaper has more than about 900. There were scattered buyouts and job eliminations in The Times' newsroom in recent years, but the overall number continued to rise, largely because of the growth of its Internet operations.
Shares in The New York Times Company rose almost 5 percent Thursday after the newsroom staff reductions were reported, closing at $18.84, up 86 cents.
The Times Company has made significant cuts in the newsrooms of some of its other properties, including The Boston Globe, as well as in non-news operations. Company executives say the overall head count is 3.8 percent lower than it was a year ago.