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NY Times To Cut Pay 5%, Lay Off Workers

Buried in the ‘Media & Advertising’ section in The New York Times:

The Times Plans Temporary Pay Cuts

By RICHARD PÉREZ-PEÑA

March 27, 2009

Facing a steep drop in revenue, The New York Times Company plans to cut the pay of most employees by 5 percent for nine months, in return for 10 days’ leave, and will lay off 100 people and make other budget cuts, executives said on Thursday.

The company will make the pay cuts unilaterally for most non-union employees, including top executives, in its corporate division, at the flagship Times newspaper and at The Boston Globe. The reductions will be in effect from April through December.

Unions representing Times newspaper employees, including most of those in the newsroom, are being asked to accept the 5 percent cut and 10 days off voluntarily, to avoid possible layoffs. It is not clear how the moves will affect unionized Globe employees.

Workers at smaller parts of the company, including About.com and a chain of small papers, will see a 2.5 percent drop in pay and five days off.

The layoffs will affect almost 5 percent of the more than 2,000 employees in the business operations of the flagship Times newspaper. It comes on top of other recent downsizing steps by the company, including the layoffs of 20 people in The Times’ advertising department last month, and of about 500 people in January, with the closure of City and Suburban, a newspaper and magazine distribution subsidiary. At the end of 2008, the company had 9,346 employees, down from 11,585 two years earlier.

Last fall, executives at The Times said they did not anticipate any reductions in newsroom staff in 2009, despite expecting a continuation of last year’s sharp fall in advertising revenue. But without giving any details, they said the numbers so far this year have been even worse than expected, and that the choice was between lower pay and job cuts

The Times Company is characterizing its move as a pay cut rather than a mandatory leave — though in practice, there may be little difference — to avoid strict federal rules work governing furloughed employees. Other companies that have used furloughs have instructed workers, for instance, that they cannot even make work-related phone calls or check work e-mail messages while on leave…

The Times is just hanging on, waiting for its inevitable bailout.

By the way, will we ever hear whether their union employees accepted these cuts?

Probably not.

But where are the ACORN protesters? Didn’t the CEO of the New York Times just get a $5.8M bonus?

Or do New York Times fat cats get a special dispensation from their comrades on the barricades?

This article was posted by Steve Gilbert on Thursday, March 26th, 2009. Comments are currently closed.

12 Responses to “NY Times To Cut Pay 5%, Lay Off Workers”

  1. Carlos Slim is kicking ass and taking names. He is a business man (worth $35B – #3 worldwide businessmen) who looks for a rate of return. Considering he has no voting rights, with a 6.4% share (which can increase to 17% through performance metrics) and loaned $250M – he is trying to right the ship and does not care about touchy feely “journalists” crying to Google and the world about their poor performance as a public company. Real estate holdings, ad rates, online ventures , etc are bleeding money due to their liberal slant.

    Funny, cries of “outrage” occurred when Murdoch bought the WSJ, yet it is one of the few flat or growing newspapers in the world.

    Lesson to be learned: Let people who make money tell you how to make money.
    Everything else is a failing opinion…

  2. Colonel1961

    Let them eat cake!

  3. proreason

    WHERE IS THE COMPASSION FOR THESE DISTRESSED WORKERS!!!!!!! !!!!!!! !!!!!!!

    How much in bonuses is management being paid?
    How many parties have been thrown by management?
    What are management’s perks? Are they still in effect?
    What kind of disaster counseling will be provided for these oppressed journalists?
    Where is the federal government in this national disaster? Where is FEMA?
    Why isn’t the President on this? Where is Treasury Secretary Geisthner?
    Where is the Union? Is there a Union? This could not happen if there was a Union protecting these national treasure jobs.

    Rush Limbaugh should be taxed at 90% to provide the funds to protect these workers. And Anne Coulter. And Glenn Beck. And Sarah Palin.

  4. Rusty Shackleford

    And, they’re selling their corporate jet

    http://www.fitzandjen.com/2009.....times.html

    Bloody shame.

  5. Lisa22

    Why can’t this treasonous paper go under already!! I want the Gray Lady to sink like the Bismarck!

  6. DGA

    The decline of the NYT isn’t fast enough for me, we had to live through it’s slander and treason during the entire Iraq war. It’s days are numbered, but there is probably a congress bailout bill being penned as we speak. Dammit!

    • proreason

      There’s zero chance the Slimes will go under, DGA.

      It’s the flagship of the commiecrats and will not be allowed to fail.

    • wardmama4

      You are right Proreason and of course the mandatory ‘spontaneous’ protests do not begin until after the bailouts are ‘legislated’ but of course the NYTs was head cheerleader on releasing confidential material against evil bushitlerburtonco, in burying the damaging information against The One ™ and thusly helping him get elected.

      Therefore the NYTs will get special ‘protest free’ dispensation from The One ™ and the Klownposse in DC will go on as usual investigating everyone but themselves.

      How about We The People hold an investigation? btw, OT, but SG, I think you and every other outlet (conservative, Republican, Independant, Libertarian, Sane, etc) should post this poll question – Should Your Representative and/or Senators be Investigated and/or Recalled for not Representing his/her constituency. I do believe that the Klownposse in DC and most especially The One ™ would be truly shocked at the results.

      Hot Air had this video on ‘bailouts’ that probably makes as much more sense than what the Klownposse in DC and their TOTUS leader are putting out – but they must keep the masses stuck on stupid to succeed:
      http://tinyurl.com/csb56o

    • TwilightZoned

      WM,
      Thanks for sharing the video. I just shook my head in agreement. What a sad time we live in.

  7. Right of the People

    May the old Gary Floozy die a quick but painful death from a “socialist” disease.




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