New York Times to slash 'hundreds' of jobs

The New York Times Co. is reportedly preparing to lay off hundreds of staffers in the second half of 2016.

Chairman and Publisher Arthur "Pinch" Sulzberger Jr.'s team has been talking with some of the Times' unions to come to a deal, according to the New York Post.

The Times is reportedly hoping to provide reduced severance to the "few hundred staffers" impacted by the lay offs. The Post claims the layoffs would occur between Aug. 21 and Nov. 8, which is the period between the Olympics and the presidential election.

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Like many newspaper publishers, the Times has been hard by declining print circulation and ad revenue as well as increased costs in moving to digital operations.

The paper recently announced a $50 million investment on Thursday to fund the creation of a new team called NYT Global, which aims to expand the newspaper to "multiple international markets in several major languages."

Back in February, executive editor Dean Baquet sent a lengthy memo to his staff that addressed the way the Times' newsroom "is experimenting and adapting as we move into our digital future."

Banquet also said the paper is "revamping" its video unit and that the "news hub is beginning to free desks to focus on coverage without being consumed by print deadlines." Baquet says that the Times has already started a "desk-by-desk digital training regimen" because they were "largely unaware of our audience's changing habits."

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Banquet's memo did not mention potential layoffs. The Times did not immediately respond to our request for comment about the Post's report.