The New York Times Co. has announced that it will be cutting 500 jobs. The cuts will come from The Times, The Boston Globe, the company's smaller newspapers and some corporate staff. Broadcast outlets will also be affected.
The publisher of the New York Times, the International Herald Tribune and the Boston Globe is to cut 500 jobs amid declines in sales and ad revenues.
The New York Times Co said 80 editorial jobs would go at the Times and the Globe. Bill Keller, executive editor of the Times, said he hoped to make the cuts through voluntary redundancies and fewer temporary staff.
About half of the cuts are expected to be made among the group's regional newspapers, TV stations and corporate staff. They follow a warning on third-quarter earnings, which the company said would be well below forecasts.
The memo that went to staffers was a real bummer, ending with:
"We regret that we will see many of our colleagues leave the Company; it is a painful process for all of us. We have been tested many times in our 154-year history as we are being tested now. We know that our collective talent and commitment will ensure our long-term success. Over the course of the past year we have taken many steps to improve the performance of our Company, including creating new products and services, acquiring and investing in existing and new businesses, and finding ways to lower costs. These are important steps that position us well to meet the challenges we face and we will continue to invest in our businesses as we move forward."
Many cuts came from the newsrooms of the Times and the Globe. And that's not a good thing at all.
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