In the midst of a deteriorating advertising climate, The New York Times plans to eliminate up to 20 newsroom positions and seek additional savings in the business units, the company said Thursday.
The reductions, described by the New York Times Company as a rebalancing [sic], were announced to employees on Thursday morning. The company will seek volunteers for buyouts in The Times newsroom, Jill Abramson, the paper’s executive editor, said in a memo to the staff, adding that no newsroom employee would be laid off. She said there would be “fewer than 20” buyouts.
The Times will also seek to cut costs on the business side by eliminating positions that are vacant and by offering a limited number of buyouts, said an executive who insisted on anonymity because the company was not commenting publicly on the details or scale of the reductions.
Analysts are likely to link the cuts to the Times Company’s third-quarter earnings, which will be reported on Oct. 20 and which are expected to be relatively weak. Late last month, the company’s chief executive, Janet Robinson, told analysts, “Economic conditions have been getting more difficult since the second quarter.”
Gee, it's so... weird that the economy continues to suffer after their dream candidate was elected three years ago.
By the way, I have an idea that could, by itself, resurrect the Times: hire the world's smartest pundit -- Mark Levin -- to write a weekly column.
Hey, Pinch: want to wager what that would do for circulation?