Bad News Piles Up for New York Times

Meanwhile, if shares of New York Times continue to fall, more public shareholders may be inclined to pick a fight with the controlling family unless it takes what could be painful restructuring steps to boost its stock price.

For now, the Times is cutting about a dozen support positions in its newsrooms, according to media reports.

"This staff reduction does not include any journalists, nor any widespread buyouts, as has happened in the past," Executive Editor Bill Keller wrote in the memo, according to Reuters. "We put into place a hiring freeze several weeks ago, and except for those jobs that are critically important to our future ambitions, we will be trying to fill their positions internally."

Shares of New York Times closed down 12 cents, or 0.7%, to $16.71.