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Newsweek Extends Buyout Offers To Editorial Staffers

While no Newsweek employees have been dismissed, WWD reports that many members of the magazine’s editorial department had their wishes granted and were asked to take voluntary buyouts yesterday.  Around one third of Newsweek’s 90 staffers, many of whom are believed to be members of the online team, have received buyout offers complete with at least four months of severance pay and additional compensation based on the length of their term with the company.  Newspaper Guild of New York president Bill O’Meara was involved in recent negotiations with Newsweek owner Sidney Harman and commented on what the future holds for the company and it’s workers.

There are no plans for layoffs.  Nobody has a crystal ball.…We’re all obviously very much hoping that Tina Brown’s plan will have a lot of success in the future and ultimately that’s where the jobs will [come from].  If it’s not successful, I guess we’ll see how it goes.

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