NY Times buyout offers to become layoffs

April 16, 2008

The New York TimesAnother day, another story about job cuts and cost cutting in the publishing business.

This time its the New York Times, where an offer of voluntary buyouts may turn into involuntary dismissals.

Back in February, the company said it would eliminate 100 newsroom jobs amid the weakening economy and declining revenues from advertising and circulation. An attempt was made to keep the move bloodless but that didnt quite work. In an internal memo, assistant managing editor Bill Schmidt said the number of people expected to take buyouts likely won’t meet the 100 target.

This comes in the wake of other publishers job actions, including The Modesto Bee , a McClatchy paper, where about one-quarter its 455 employees were offered buyout packages in every division, although the company says the buyouts will affect a “very small” number of the newsroom’s 90-plus employees and thus should have a minimal impact on readers.

Also, Newsweek  is reportedly shrinking its rank and file as 111 staffers on its news and business sides accepted a buyout.

By the way, Radar has a list of those who took the New York Times buyout offer, including Pulitzer Prize winners John Noble Wilford and David Cay Johnston, and Linda Greenhouse, the newspaper’s legendary Supreme Court correspondent.

(WSJ )

Keep an Eye on:

  • Mario Gabelli, one of Media General’s largest shareholders, said he plans to vote for a slate of directors nominated by a dissident shareholder looking to make changes at the struggling media company. (AP via Star Tribune)
  • Hollywood director Barry Sonnenfeld fears that children today will grow up with “no concept of the right to privacy and in fact not understand the need for it.” (Hollywood Reporter )
  • Yahoo may have started gaining share in the Web search ad market against Google even as Google’s share of search audience inched up. (Reuters)

(Photo: Reuters)

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