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Times Cuts Salaries, Jobs; Post Offers More Buyouts

By Harry Kimball,  Newser Staff

Posted Mar 26, 2009 1:17 PM CDT
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(Newser) – The economic crisis and outdated business models are forcing steep cuts at three venerable news organizations.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.

The main entrance to the Washington Post in Washington.
The main entrance to the Washington Post in Washington.   (AP Photo)
NBC Studios in Washington.
NBC Studios in Washington.   (AP Photo)
The New York Times building.
The New York Times building.   (AP Photo)
The New York Times newsroom.
The New York Times newsroom.   (AP Photo)
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COMMENTS
Showing 3 of 3 comments
northeast
Mar 26, 2009 7:25 AM CDT
Now I feel almost guilty for getting my news in a format that makes it difficult to spin....
Mad
Mar 26, 2009 6:58 AM CDT
The "the truthful and independent reporter" can still have his report twisted to new meaning by a skillful editor with an agenda. The end of the print media means an end to being able to trust what you read. Soon, gone forever will be: "If you see it in The Sun, it's so."
BackAgain
Mar 26, 2009 6:51 AM CDT
Smells like a bailout!

No layoffs at Times, but maybe at the Boston Globe
Bloomberg

Money • Media • US

 
New York Times • Washington Post • NBC Universal • recession • salary • buyout • NBC News • pay cut • raise

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