Updated from 4:43 p.m. EDT
New York Times
on Thursday announced cost-cutting plans that include layoffs and 5% pay cuts in exchange for 10 days' leave.
The pay cuts, which would last from April through December, would affect most nonunion employees, including executives, at
The New York Times
The Boston Globe
, and in the company's corporate division, according to the
Roughly 100 jobs also will be cut, the company said, representing nearly 5% of the employees in Times' business operations.
The Washington Post
announced another round of buyouts. According to
The Associated Press
, Publisher Katharine Weymouth did not specify the target number for the buyouts, but she did say the company seeks to reduce production jobs. As newspaper employees know all too well by this point, if not enough people take the buyout offer, layoffs may be necessary.
New York Times shares closed Thursday up 9% to $4.98. Washington Post added 1.8% to $384.28. Rival
closed up 6.4% to $2.51.
rose 14.3% to 72 cents. And
rose 13.1% to $1.12.