In
a bid to continue aggressive digital expansion while controlling costs,
The New York Times will offer voluntary buyout packages to members of
the newsroom and several business departments at the end of the month,
the company announced on Wednesday.
Members
of The Times’s executive committee, including Arthur Sulzberger Jr.,
the newspaper’s publisher, and Dean Baquet, its executive editor, said
in a memo to employees that the buyouts were a part of the company’s
larger mandate to build a more digitally focused newsroom and to reach
its stated goal of doubling digital revenue by the year 2020.
“These
plans will no doubt lead to new initiatives and investments,” the memo
said. “At the same time, we will also need to make tough decisions about
what to stop doing. Wherever we can reduce costs without damaging the
values, and value, of Times journalism, we will do so.”
The
announcement on Wednesday did not specify the number of buyouts that
would be offered, but it said packages would be distributed
electronically to all eligible employees on May 31, who would then have
until mid-July to consider the offer. The buyouts will be offered to
both News Guild and nonunion employees.
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