The folks in the news business are probably growing to hate Mondays. Gannett's (NYSE: GCI) profits are off by more than 50%, and the New York Times announced that it's chopping 100 jobs from the newsroom, along with an unspecified number elsewhere in the newspaper. Like Gannett, the New York Times cites declines in ad revenue as the reason for the decision. The company is hoping that employees will take voluntary buyouts where offered, but it is prepared to conduct a round of layoffs if necessary.
The newspaper, which is the flagship property of the New York Times Company (NYSE: NYT), cut 100 newsroom positions last year, mostly through voluntary buyouts, before a "relatively small" round of layoffs. This year's 100-job cut is approximately 8% of the newsroom, but the paper will still have the largest in the United States. Approximately 1,150 reporters and editors will remain. Already, 100 jobs have been slashed on the business side, leaving it now staffed at 1,850.
The staff reduction at the paper follows its parent company's recent decision not to sell the Boston Globe. Company management says that the newspaper is in much better financial condition, though the low bids offered hint that there may be other reasons.
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Reader Comments (Page 1 of 1)
10-20-2009 @ 1:33PM
clikdawg said...
Who needs newsroom staff when the Gummint is telling you what the news is gonna be? No legwork required, there -- just transfer the press release into column form and run it!
11-08-2009 @ 4:26AM
jack brosnan said...
nice...
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Jack Brosnan
buy forclosed homes