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New York Times to Cut Jobs
New York Times Co. on Thursday said it will cut staff across all of its business units in response to the deteriorating advertising market and the weaker economic outlook.
The company declined to specify the number of jobs that would be cut, but said it would take two to three months to complete a voluntary buyout program. The job reductions will also include layoffs in some areas, the company said.
``Given the slowdown in advertising and the cloudy economic outlook for the remainder of the year, we believe that it is prudent to accelerate our ongoing cost control efforts, including a reduction in staffing levels,'' Russell Lewis, chief executive, said in a statement.
The overall media sector has felt the pinch of a slowing advertising market from a combination of a slowing economy and the absence of aggressive campaigns from dot-com companies, many of which have failed over the last year.
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