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N.Y. Times, Philadelphia Papers Plan Job Cuts
At the New York Times, 45 newsroom jobs will be cut, the company said yesterday. Times Co. revenue is flat.
(By Peter Morgan -- Reuters)
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Joseph T. Natoli, publisher of the two papers, said layoffs are inevitable if enough employees do not take buyouts.
The nation's more than 8,000 daily and weekly newspapers also are bracing for a $35-per-metric-ton hike in the price of newsprint expected on Oct. 1. Morton said the increase is the eighth since newsprint prices bottomed out in mid-2002.
The Times announcement came the same day as the company's August revenue report, which showed advertising and overall revenue essentially flat compared with August 2004. The company posted lower revenue if totals from About.com, which the Times Co. bought in March, are excluded.
For the third quarter, the Times Co. said it expects to earn between 11 and 14 cents a share, compared with 33 cents a share in the comparable quarter last year. Ad revenue at the New York Times newspaper group was down 0.8 percent in August compared with August 2004, when ad revenue was up 6.9 percent compared with August 2003.
Other major newspapers and chains have felt the sting of dropping ad revenue and fleeing readers.
Dow Jones & Co., publisher of the Wall Street Journal, last week reported that the Journal's ad volume is down 5.9 percent so far this year from 2004. Tribune Co. reported essentially flat August ad revenue compared with last year.
Post publisher Boisfeuillet Jones Jr. said the company continues to search for ways to cut costs but plans no layoffs. As at other papers, ad sales for the first half of 2005 were essentially flat at The Post, but overall company revenue has not suffered as it has at the Times, owing to a 25 percent growth in revenue at The Post Co.'s Kaplan Inc. education division for the first half of 2005.
Staff writer Annys Shin contributed to this report.
