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TUESDAY, FEBRUARY 9, 2010
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Times Cuts Salaries, Jobs; Post Offers More Buyouts

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(Newser) – The economic crisis and outdated business models are forcing steep cuts at three venerable news organizations.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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5 comments
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TerrifiedCitizen
Mar 26, 09 1:32 PM CDT
Hate to say it, but I haven't looked at a printed paper news article in over two years... But if the reporters aren't working, where will our news come from? Perhaps this is a prime opportunity to move away from industry titans and head towards freelance reporters from all over the globe. and once again get the straight story on what's happening. Someone needs to offer protection and a safe consolidated location for the truthful and independent reporter... but there must be systems in place that assure objectivity and accuracy. A new and honest world view may slowly emerge that allows no government to hide behind propagandic (sic) distortion. Reply
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Mad
Mar 26, 09 1:58 PM 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."
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SPH
Mar 26, 09 3:19 PM CDT
You failed to mention a means to PAY all those free-lance reporters.....
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BackAgain
Mar 26, 09 1:51 PM CDT
Smells like a bailout! Reply
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northeast
Mar 26, 09 2:25 PM CDT
Now I feel almost guilty for getting my news in a format that makes it difficult to spin.... Reply
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No layoffs at Times, but maybe at the Boston Globe
Bloomberg

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

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