The economic crisis and outdated business models are forcing steep cuts at three venerable news organizations. The New York Times today announced a 5% pay cut for all employees, who were offered 10 extra days off as compensation, "in a spirit of shared sacrifice and as a way to otherwise avoid layoffs in the newsroom," Executive Editor Bill Keller wrote in a memo to the staff. Keller also announced a cut of 100 positions on the business side, the New York Observer reports.
The Post is set to offer a new round of buyouts and has not ruled out layoffs, Reuters notes. “While online revenues have been growing, they have not yet grown fast enough to offset the declines we are seeing in print revenues,” the paper’s publisher said. “This has not been and will not be easy.” NBC News, meanwhile, is asking employees with contractually guaranteed raises to voluntarily put them off for at least 6 months, Gawker reports.