No word yet on how entertainment coverage will be affected. But The New York Times said today it will offer 30 voluntary buyouts to non-union newsroom managers. It may also lay off journalists if not enough accept the severance package. The reason cited is the volatile advertising climate. Editor Jill Abramson wrote to staff that the size of the newsroom staff must be reduced. There were previous buyouts at the paper in 2008 and 2011. The NYT recently negotiated with its unionized staff. Here’s what NYT publisher Arthur ‘Pinch’ Sulzberger wrote to staff:
As we all know, these are financially challenging times. While our digital subscription plan has been successful, the advertising climate remains volatile and we don’t see this changing in the near future. Given this, I have asked Scott, Jill and Andy to identify significant cost savings – including buyouts – throughout The New York Times Media Group.
While we will continue to invest where needed to ensure our role as a global leader in news and information, we must make some difficult decisions to lower our costs. Our business-side colleagues will continue their efforts to find staff reductions and other efficiencies, but it is now impossible not to look also within the ranks of our news operations.
None of this is easy in these difficult times. Thank you all for your courage, your talent and your commitment to fulfilling our mission. You will be hearing more from your managers.