Monday, October 19, 2009

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Old Grey Lady Cuts 100 Newsroom Jobs

Wall Street Journal, 10/18/09The New York Times on Monday said it plans to shed 100 jobs from its nearly 1,300-person newsroom by the end of the year, the latest in a string of cost-cutting moves as the newspaper grapples with steep revenue declines.

The Times hopes to achieve the cuts through buyouts but will resort to layoffs if it can't get the requisite number of volunteers. The buyout offer, disclosed to Times employees in a memo from Executive Editor Bill Keller, will be made to both union and nonunion employees. The Times will distribute the offers to everyone in the newsroom on Thursday, the same day New York Times Co. reports third-quarter earnings.