The New York Times Continues to Shrink
The New York Times Co. (NYSE: NYT) continues to shrink, and eventually it may have a news staff that simply is not large enough to cover all of the subjects that the paper does now. That will leave management with touch decisions about which coverage can be abandoned and which is more essential. According to the New York Post:
"The economic environment has grown more difficult in the second half of the year and I must reduce costs in the newsroom," said Editor-in-Chief Jill Abramson in a memo announcing the cuts yesterday.
Abramson said the Newspaper Guild also asked that its newsroom, security and ad-makeup members also be offered a chance to take early retirement packages and the company is extending the offer to them as well.
Shares of the New York Times Co. are inactive in premarket trading but closed up fractionally yesterday at $8.12, in a52-week range of $5.88 to $11.06.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Labor, Old Media Tagged: NYT