The New York Times (NYT - Get Report) plans to begin a staff reduction program at all of its business units, citing the slowdown in advertising and the uncertain economic outlook for the rest of the year.
The publishing company plans to offer a voluntary separation package where possible, but the staff reduction move will also include layoffs in certain areas.
"Staff reductions will be carefully managed so that they do not negatively affect the quality of our journalism, the smooth functioning of our daily operations or our ability to achieve our long-term strategic goals," the company said in a press release.The company said the program to offer employees a severance package will take about two to three months. The New York Times added that it couldn't estimate how many workers will ultimately lose their jobs. Shares of the New York Times gained 12 cents to $40.84 in recent Big Board trading.