New York Times to Slash Pay, Jobs

The New York Times announces cost-cutting plans that include layoffs and 5% pay cuts in exchange for 10 days' leave.

Author:: Samantha Shaddock
Publish date:: Mar 26, 2009 4:56 PM EDT

Updated from 4:43 p.m. EDT

The

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

Times'

Web site.

Roughly 100 jobs also will be cut, the company said, representing nearly 5% of the employees in Times' business operations.

Also Thursday,

The Washington Post

(WPO)

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

Gannett

(GCI) - Get Report

closed up 6.4% to $2.51.

McClatchy

(MNI) - Get Report

rose 14.3% to 72 cents. And

A.H. Belo

(AHC) - Get Report

rose 13.1% to $1.12.