NEW YORK - The New York Times plans to cut 100 newsroom jobs by the end of the year through buyouts and might resort to layoffs as it reels from the advertising revenue drop that is imperiling U.S. newspapers.
The news, delivered in a memo to employees by Times Executive Editor Bill Keller on Monday, comes after the newspaper's workers already took a 5 percent pay cut for most of this year and a similar program last year.
When we took our 5 percent pay cuts, it was in the hope that this would fend off the need for more staff cuts this year, Keller wrote. But I accept that if it's going to happen, it should be done quickly. We will get through this and move on.
The Times posted the news on its website. It said the paper's news department has 1,250 employees, down from 1,330 at its peak. It added that no other U.S. newspaper has more than about 750 journalists.
The Times, which plans to report its third-quarter results on Thursday, has been dealing with declines in advertising and mounting debt that have forced it to slash costs and sell assets.
The Times last week halted an effort to sell The Boston Globe after threatening earlier this year to close the paper unless big unions agreed to cost cuts. It also has been trying to sell its stake in the company that owns the Boston Red Sox professional baseball team.
Keller's memo was more blunt than previous ones obtained by Reuters.
I had planned to invite you to the newsroom and break this news in person today, but I've been hit by something that seems to be the flu. Though I strongly believe in delivering bad news in person, I don't want to add insult to injury by spreading infection, Keller wrote.
Let me cut to the chase: We have been told to reduce the newsroom by 100 positions between now and the end of the year. (Reporting by Robert MacMillan, editing by Leslie Gevirtz)