Financial Times moves forward with buyouts and salary freezing

Robert MacMillan of Reuters reports that The Financial Times is offering buyouts and freezing salaries for employees that earn more than $50,000 a year. The publication is also offering some of its staffers the opportunity to work three- or four-day weeks
The freeze and reductions are in response to the publication's customers and advertisers that are suffering from the economic downturn.
In a memo Chief Executive John Ridding wrote, "We continue to perform well against the competition, taking market share in advertising, readership and circulation. But with our customers and advertisers being affected we need to prepare for difficult times. We need to act early and decisively to reduce costs so that we can sustain our investment and our success."
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