Today the NYT announced a "targeted staff reduction plan" in which 190 employees at the NYT and New England Media Group will be axed by August. About two thirds of the cuts will slice at the Times (130 according to this memo from Bill Keller), with a planned elimination of 20 positions in the newsroom via a "voluntary reduction program" wherein certain newsies can opt to be packaged out. Keller says the cuts will result in "reorganizing and consolidating duties" (translation: more work for someone); Arthur Sulzberger Jr. and Janet Robinson aren't planning on letting the loss of 130 people affect the "quality of our journalism, the smooth functioning of our daily operations or our ability to achieve our long-term strategic goals" (translation: more work for someone). Meanwhile, Daniel Okrent is wondering whether this will make it easier or harder to freelance for the Times.

UPDATE: Former Crain's Chicago Business editor Jeff Bailey was just hired by the NYT Business Day section. Somewhere at the Times, the 131st person is pissed.

NYT executive editor's memo re cutbacks [Romenesko Memos]
Memo from NYT Co. chairman, NYT Co. CEO [Romenesko Memos]
Bailey joins New York Times business staff [Romenesko Memos]
The New York Times Company Announces Targeted Staff Reduction Program [Yahoo! Business]