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Revolving Door Newsletter: 03.27.09
New York Times Cuts Staff, Salaries; Plug Pulled on BlenderMarch 27, 2009
The New York Times is making more moves to keep itself solvent: After accepting Mexican billionaire Carlos Slim's cash infusion and mortgaging its headquarters, the latest round of changes targets staffers. One hundred members from the business side were let go, while salaries will be rolled back five percent for all remaining employees. The pay reduction -- which NYT brass says is temporary, pending improved economic conditions -- is structured to help avoid further job loss in the newsroom. The union still has to approve the plan, and if it doesn't pass, another 60 to 70 staffers on the editorial side will ...