The New York Times Co. (NYT - Snapshot Report) announced another series of cuts in its headcount amid the secular and cyclical slowdown in print advertising. The company plans to reduce newsroom staff by 8% or nearly 100 jobs by the end of the year through buyouts or layoffs.
Previously in 2008, the company had eliminated 100 newsroom jobs. Earlier this year, The Times announced a pay cut of 5%. The company, which is under strict financial pressure, has been trying all means to endure the worst recession.
The New York Times currently employs 1,250 editorial staff, which is significantly higher than other U.S. newspapers where the numbers are not more than 750.
Like The New York Times, other newspaper companies like Washington Post Co. (WPO - Analyst Report), Journal Communications (JRN - Snapshot Report), Gannet Co. (GCI - Snapshot Report) and McClatchy Co. (MNI - Snapshot Report) have long been grappling with the drop in print advertising demand amid the global meltdown, as advertisers are migrating to the Internet driven by increasing online readership and lower ad prices than print.
This has compelled many newspaper companies to take on cost-cutting measures, reduce headcount, pay cuts, furloughs, and close of printing facilities. The companies are now even taking into consideration charging readers for online content.
Last week, The New York Times announced that it has abandoned the plan to sell Boston Globe, the daily newspaper, but is still exploring options for the Worcester Telegram & Gazette. The company is also trying to sell its minority stake in the New England Sports Ventures that owns the Boston Red Sox baseball team and related cable television properties.
The company will report its third-quarter earnings results on Oct 22.
Job Cuts at New York Times
