Layoffs at NY Times:

Earlier: Along with cutting newsroom salaries 5%, the New York Times (NYT) cut 100 jobs on the business side of the company today. Here's the memo:

Dear Colleagues,

In a note just distributed, Arthur and Janet informed us that the company, regrettably, must take even more aggressive steps to control our costs. Clearly, our course is not getting any easier.  The recession, especially the deteriorating advertising climate, is exacting a bitter toll, despite all that we have already done to reduce spending.

This morning, we notified about 100 employees on the business side of The Times that their jobs were being eliminated. We thank.

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 http://www.businessinsider.com/layoffs-at-new-york-times-2009-3

 Pay Cuts Memo:

 

 

 Dear Colleagues,

As you know, the global economic crisis is taking its toll on a broad range of businesses and sectors, here in the U.S. and around the world. We have reported in our own newspapers and on our own Web sites that the economy is likely to continue struggling throughout this year and possibly longer.

Given this economic outlook and the changes occurring in the media business, we, regrettably, must take even more steps to lower costs. We have been,

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http://www.businessinsider.com/new-york-times-pay-cut-memo-2009-3

Things still not good over at the Times...

New York Times Sees Intensifying Advertiser Pullback In First Quarter

The advertising outlook for newspapers is going from awful to horrendous. The New York Times announced first quarter earnings today, revealing that total advertising revenues for its news media group (which includes the New York Times, the Boston Globe, and other regional newspapers) declined 28.4 percent, versus an 18.4 percent declinelast quarter. So the rate of decline for is intensifying

Internet advertising revenues declined 6.1 percent to $67.6 million, compared to a 3.5 percent decline last quarter. The advertising situation at About.com is more “anemic”

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NYTimes.com Scraping The Bottom Of The Barrel For Advertisers

 

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Check out this bottom of the barrel ad on the NYTimes.com homepage, from uscanteen.com:

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During the last quarter, the Times also ran Google AdSense ads in its daily newsletter. "Can't see how a 1,000 person news room is going to be supported by 50 cent eCPMs," writes the reader who spotted the ads and forwarded them to us. Sad thing is, the Times should be able to charge a high rate

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http://www.businessinsider.com/nytimescom-scraping-the-bottom-of-the-barrell-for-advertisers-2009-4

Chicago Tribune reduces newsroom staff

 

The Chicago Tribune today reduced its newsroom staff, a response to the economic downturn and changes in the media business model.

 

The exit of 53 editorial employees is part of a paper-wide cost-cutting effort. Tribune Editor Gerould Kern said in a letter to staff that cuts are part of a newsroom reorganization that “will focus us more clearly on our core mission” going forward with a newsgathering team of around 430. 

 

“With today’s actions, we are making the leap to a newsroom structure that we believe is sustainable barring further significant declines in advertising revenue,” Kern wrote. “While.

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http://newsblogs.chicagotribune.com/towerticker/2009/04/chicago-tribune-reduces-newsroom-staff.html

New York Times Stock May Be Worth $0 -- Analyst (NYT)

 

Now we're not the only ones who think that New York Times shareholders might end up with nothing.

Craig Huber at Barclays does hedge, though: He puts a $1 target on the stock.

Bizjournals: A case could be made that New York Times Co. shares are worth nothing as the newspaper company’s debt load threatens to overwhelm its

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http://www.businessinsider.com/henry-blodget-new-york-times-stock-may-be-worth-0-analyst-2009-4