From The New York Observer:
The New York Times Company chairman Arthur Sulzberger Jr and CEO Janet Robinson announced today that they are cutting the salaries of New York Times editors, as well as all employees on the corporate side by five percent through the end of December. Mr. Sulzberger, along with Times executive editor Bill Keller, is also asking that Guild membersâ€”who make up the majority of the reporters in the newsroomâ€”take a five percent pay cut in order avoid layoffs. Mr. Sulzberger also announced there would be 100 layoffs on the business side of the paper.
“This was a very difficult decision to make,” Mr. Sulzberger and Ms. Robinson wrote in a memo. “The environment we are in is the toughest we have seen in our years in business.”
The upside is five percent less salary can still buy 50 percent more than it did back in good old inflated 2006. Cough.