N.Y. Times to cut pay, may resort to layoffs

The New York Times Co. will institute a pay cut of roughly five percent in a move that will affect all non-union employees, according to Editor & Publisher.
The move was detailed in a memo from Chairman Arthur Sulzberger, Jr. and CEO Janet Robinson, as well as an article on The New York Times’ web site.

Also, the board of directors of the New York Times approved salary
reductions of 5% for executive officers according to a regulatory filing with the Securities and Exchange Commission. The salary reduction is effective April 1 through Dec. 31, 2009 representing 4% on an annualized basis. Executive officers will also be entitled to an additional 10 days off to use before the end of the year.

The company also hinted that it may cut around 100 positions from the business side of The New York Times, or roughly five percent of the paper’s workforce.

To read more, including the memo to employees, click here.