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.