Dec. 3 (Bloomberg) -- New York Times Co. Chairman Arthur Sulzberger Jr. told employees that he is seeking “significant cost savings” throughout the company’s media group, including buyouts that would encourage news employees to retire early.
“These are financially challenging times,” Sulzberger said in a memo to employees. “The advertising climate remains volatile and we don’t see this changing in the near future.”
The Times has struggled with an industrywide slump in newsprint advertising, leading to six straight years of shrinking sales. While the New York-based company has had success getting readers to sign up for online subscriptions, that hasn’t offset the advertising decline.
“We must make some difficult decisions to lower our costs,” Sulzberger said in the memo. “Our business-side colleagues will continue their efforts to find staff reductions and other efficiencies, but it is now impossible not to look also within the ranks of our news operations.”