With no immediate end in sight to the advertising slump imperiling most newspapers, New York Times Co. (NYT) said Thursday it will cut pay for editors and managers by 5% through the end of the year and will ask the same of its unionized newsroom employees later Thursday.
The 5% cut applies to employees at all units of the New York Times Media Group with the exception of the International Herald Tribune, the company said. That means the pay reductions will happen at the Times, the Boston Globe, Boston.com and the company’s corporate offices in New York. The salaries of employees at the company’s About Group will be rolled back 2.5%.
“This was a very difficult decision to make,” Times publisher Arthur Sulzberger Jr. and the company’s Chief Executive, Janet Robinson, said in a memo to employees. “The environment we are in is the toughest we have seen in our years in the business.”
(Source: Wall Street Journal)