Further Job Cuts Loom at NYT, 85 Employees Opt for Buyout

It looks like there will be more job cuts to come at the New York Times. At least 85 employees applied for voluntary buyouts by yesterday's deadline. But the number fell short of the amount needed to avoid further layoffs. The New York Times said cuts would be forced if it could not eliminate 100 jobs through buyouts. Digital businesses have not managed to subsidize the decline in print. The Newspaper Guild of New York estimated there would be 15 to 25 more firings based on the projected shortfall. The Times is working to invest in their digital resources for the future as readers move online. Shares in the New York Times rallied on the news, seeing the largest gain since October 1st.