• Most Popular
  • Most Shared

New York Times says to cut further 25 jobs in 2010

Fri Nov 13, 2009 2:37am EST

Stocks

   

* Cuts at New York Times News Service

Stocks  |  Media  |  Cyclical Consumer Goods

* Editing of news service to move to the Gainesville Sun

* New cuts come less than a month after 100 job losses

Nov 13 (Reuters) - Less than a month after cutting 100 newsroom jobs, the New York Times (NYT.N) said on its website it would fire at least 25 editorial employees next year at the New York Times News Service.

The editing of the news service will be moved to the Gainesville Sun, a Florida newspaper owned by the paper's parent, the New York Times Co.

Five employees of the news service would retain their jobs, the paper said, adding that the Newspaper Guild put the number of job cuts at 28.

The news service uses completed articles from the paper and re-edits them for distribution to the wire, the paper said on its website.

Last month the New York Times said it would cut 100 newsroom jobs through buy-outs or lay-offs in a bid to counter lost advertising revenue, following 100 job losses announced in 2008. In October the newspaper said on its website it had 1,250 editorial employees. [ID:nN19359809]

The company also cut salaries by 5 percent earlier this year.

The paper added that the New York Times Co informed non-union employees that it would stop contributions to their pensions at the end of the year. The company plans to instead contribute 3 percent of non-union employees' salaries each year to their 401K plans.

The New York Times Co has experienced declines in advertising and mounting debt that have forced it to cut costs and sell assets.

Many publishers, including USA Today publisher Gannett Co Inc (GCI.N), have had similar problems. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Jon Loades-Carter)



More from Reuters

Photo

Obama will not rush Afghan troop drawdown

OSLO (Reuters) - There will be no "precipitous drawdown" of U.S. forces in Afghanistan and U.S. troops could still be in the country for years to come, President Barack Obama said on Thursday.

A glass of tap water is served at a restaurant in New York June 10, 2009 REUTERS/Shannon Stapleton

G7 glass half empty

Recovering from a punishing global recession has forced the world's richest nations to pay dearly, prompting subdued growth prospects and delayed sighs of relief.   Full Article 

 Tom Metzold, Vice President of Eaton Vance Management and Senior Portfolio Manager at Eaton Vance, speaks at the Reuters Global Media Summit in New York, December 9, 2009. REUTERS/Brendan McDermid

"Everything's not hunky-dory"

Did the worst downturn in 70 years leave a permanent scar? Top money managers like Tom Metzold examine how a "new normal" will shape things to come.  Full Article