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New York Times Freezes Hiring, “Trimming” a dozen jobs by 2008
The New York Times has frozen hiring and cut a small number of newsroom jobs as it tries to reign in spending. The paper is promising to cut about a dozen support positions and is trimming “a number of” clerical and secretarial jobs.
Executive Editor Bill Keller sent a memo to all employees informing them of the changes. The memo also said the Times plans to “rethink” it’s coverage priorities and how to better use space and people.
They could probably start by not giving any more advertising discounts to MoveOn.org for attacking the military, but I’m no accountant.
The company’s shares have fallen by about 30 percent in the past 12 months as the Times and its other newspapers, including the Boston Globe and several small dailies throughout the United States, fight a prolonged slump in advertising sales.
Shares fell further on Wednesday after Bank of America analyst Joe Arns cut his rating on the shares to “sell” from “neutral,” saying that luxury advertising, which accounts for nearly a third of the Times’s national ad revenue, could fall if the U.S. economy experienced a recession.
-Chris Jones
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