Due to the current state of our economy, the New York Times has been seeing a decline in their advertising revenue and an accumulation of debt. This has forced them to cut more jobs after having just cut 100 less than a month ago.
At least 25 people on the editorial staff will lose their jobs to staffers of The Gainesville Sun. The New York Times and The Gainesville Sun are both operated under the same parent company, The New York Times Co.
When the Times was forced to cut jobs last month, they either bought out the employees or laid them off in order to compensate for the lost advertising revenue. On top of all of this, those employees who are not members of a labor union, will not be getting a contribution to their end of the year pensions.
I think that this is very unfortunate, and I understand that it is not only the New York Times that is having this issue. Many of the popular newspapers around the country are being forced to take action due to the current economic crisis. Hopefully when the economy starts to recover, newspapers will be able to gain more profit off of advertising, and in return hire more employees.
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It's crazy seeing how widespread the effects of the recession are, so many companies are having to lay off employees and downsize. And on top of that, a lot of people aren't reading newspapers anymore so it's twice as bad for newspaper companies.
ReplyDeleteIt is truly a shame that this is happening to the Times, and it is even worse because this is not just happening due to the economy, its happening because of the decline in newspaper readers. But, this is happening everywhere, hopefully at some point things will begin to turn around.
ReplyDeleteThis is terrible, and its worse that this recession is hurting so many people, families, and great newspapers. Maybe just like bell bottoms came but sometime newspaper will come back in style!
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