The biggest round of newsroom cuts are coming to The New York Times since it eliminated about 100 positions in the depths of the recession in 2009. The paper's own Brian Stelter broke the news, writing, "The New York Times plans to eliminate up to 20 newsroom positions and seek additional savings in the business units." Gawker has the full Jill Abramson memo, in which the newly appointed executive editor reassures that the paper will not be laying off people in the current round of cuts. "No matter how many people do or do not raise their hands, no one in the newsroom – either Guild or excluded – will be laid off as a result of this program," Abramson writes. The buyout formula offers three weeks of severance pay for every year an employee has been at the paper, capped at two years worth of salary.
Stelter pegs the announcement of cuts to the upcoming announcement of the company's third-quarter results, which may be suffering due to decrease in ad revenue:
Over the summer The Times Company had anticipated a roughly four percent decrease in advertising revenue in the third quarter, in line with the second quarter. But Ms. Robinson said last month that the company now expects to report a roughly eight percent decline. Notably, online ad revenue is expected to drop about two to three percent, after rising 2.6 percent in the second quarter.
John Koblin, a media reporter at Women's Wear Daily tweeted: "NYT newsroom count is roughly at 1150. In Feb 2008 it was 1332."