New York Times and Washington Post: Slumping advertising revenues force job cuts
In light of plummeting advertising revenue, the long-established U.S. newspapers The New York Times and The Washington Post are implementing further cuts. The New York Times is now eliminating an additional 100 positions outside the newsroom and reducing the salaries of senior editors and managers by five percent for the remainder of the year.
In view of collapsing advertising revenues, the traditional US newspapers New York Times and Washington Post are resorting to further cuts. The New York Times is now cutting an additional 100 non-editorial jobs and reducing the salaries of senior editors and managers by five percent for the rest of the year. The Washington Post announced a new round of redundancy offers on Thursday. In the current newspaper crisis, many US papers have already cut jobs, according to an SDA report on Friday.
Following a loss in the previous year, the Washington Post fears a loss for 2009 as well. However, the entire group surrounding the print flagship was in the black in 2008 thanks to other divisions. The paper has already made several rounds of redundancy payments. If not enough employees accept the offers, there could be redundancies.
Various measures to reduce costs
The publishing house around the New York Times (NYT) already cut jobs last year. Although the editorial department also had to accept initial cuts, it is still by far the largest in the USA with almost 1,300 jobs. The NYT publisher also called on unionized employees to forgo wages. Otherwise there was a threat of redundancies. The group also imposed pay cuts at most of its other media outlets, with the exception of the International Herald Tribune. However, employees will receive additional days off in return.
The NYT Group recently had to sell its headquarters in Manhattan, which was only completed in 2007, due to financial difficulties and is now a tenant there. It also received a capital injection from Mexican billionaire Carlos Slim in return for additional shares.
Following a loss in the previous year, the Washington Post fears a loss for 2009 as well. However, the entire group surrounding the print flagship was in the black in 2008 thanks to other divisions. The paper has already made several rounds of redundancy payments. If not enough employees accept the offers, there could be redundancies.
Various measures to reduce costs
The publishing house around the New York Times (NYT) already cut jobs last year. Although the editorial department also had to accept initial cuts, it is still by far the largest in the USA with almost 1,300 jobs. The NYT publisher also called on unionized employees to forgo wages. Otherwise there was a threat of redundancies. The group also imposed pay cuts at most of its other media outlets, with the exception of the International Herald Tribune. However, employees will receive additional days off in return.
The NYT Group recently had to sell its headquarters in Manhattan, which was only completed in 2007, due to financial difficulties and is now a tenant there. It also received a capital injection from Mexican billionaire Carlos Slim in return for additional shares.
