Tuesday, September 20, 2005

More bad news from the corporate headquarters of the NY Times Co., which today announced impending "staff reductions" that will affect about 500 employees, including about three dozen people who work in The Boston Globe newsroom.

When the Times Co. announced back in May that it was eliminating nearly 200 positions -- with about 130 cuts at the New York Times itself and the rest spread between the Globe and Worcester Telegram & Gazette -- the Globe newsroom escaped nearly unscathed, losing only a handful of student support staff positions and being told not to fill three vacant editorial jobs.

This time, the Globe doesn't appear to have been as fortunate.

Will 500 job cuts sound like sweet enough music to Wall Street to provide any kind of boost to sluggish Times stock, which is hovering around 32?

Here's the release:

------------------------------------------------------------------------------------

THE NEW YORK TIMES COMPANY ANNOUNCES STAFF REDUCTIONS

NEW YORK, Sept. 20, 2005: The New York Times Company announced today that
it plans to undertake staff reductions that will affect approximately 500
employees, about four percent of its total workforce. It plans to begin
the staff reductions in October and implement them over the course of the
next six to nine months.

The Company expects that about 250 positions at The New York Times Media
Group will be affected, including approximately 45 newsroom positions at
The Times newspaper. At The New England Media Group approximately 160
positions, including about 35 newsroom positions at the Boston Globe, will
be affected. The Company's regional newspapers, its broadcast properties
and its corporate staff will also be affected.

This represents a continuation of the initiatives the Company began earlier
this year to find ways to operate more efficiently. As a result of these
efforts, the Company identified areas where it could function effectively
with fewer people. Earlier this year the Company reduced its staff by
approximately 200 positions or about two percent.

The Company plans to manage the staff reductions in such a way that it
continues to provide journalism of the highest quality, to function
smoothly on a day-to-day basis and to achieve its long-term strategic
goals.

Because the details of the staff reductions have not yet been determined,
the Company is not able to provide the estimated cost at this time. It
plans to provide an update in the fourth quarter.

The New York Times Company (NYSE: NYT), a leading media company with 2004
revenues of $3.3 billion, includes The New York Times, the International
Herald Tribune, The Boston Globe, 15 other daily newspapers, eight
network-affiliated television stations, two New York City radio stations
and 35 Web sites, including NYTimes.com, Boston.com and About.com. For the
fifth consecutive year, the Company was ranked No. 1 in the publishing
industry in Fortune's 2005 list of America's Most Admired Companies. The
Company's core purpose is to enhance society by creating, collecting and
distributing high-quality news, information and entertainment.

9/20/2005 4:46:00 PM by MJ | Comments [0] |  
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