NEW YORK: The venerable New York Times has fallen prey to the twin effects of recession and the online migration of ad revenues. Last week came the inevitable result – plans to zap around one hundred editorial positions.
Executive editor Bill Keller broke bad news to staff on Thursday. But in typical NYT fashion the excisions will be as painless as possible, via attrition and buyouts, with layoffs as the option of last resort.
Kellner noted that at 1,332 its current editorial head count is the highest in the newspaper's history. But the cutbacks are significant in that the NYT has typically invested in its editorial product, even at times when other newspapers were retrenching.
The New York Times Company – which also includes the International Herald Tribune, The Boston Globe and fifteen other daily newspapers – last month reported a 13% fall in December ad sales.
Data sourced from Financial Times; additional content by WARC staff