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Posts Tagged ‘buyouts’

Morning Media Newsfeed: Times Co. Posts Loss | Carvin Mulls Buyout | USA Today‘s Circ Up

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Times Co. Posts Loss, Hurt by Sale of Boston Globe (NYT)
The New York Times Company reported a quarterly loss on Thursday, attributable in large part, the company said, to expenses related to the sale of the New England Media Group, which included The Boston Globe and some pension expenses. But analysts said the results were still positive because the company closed the chapter on selling off its portfolio of tangential assets and shifted its focus to its more profitable core product, journalism by The New York Times, its website and the International New York Times, formerly known as The International Herald Tribune. TheWrap The company posted a loss of $24 million, or 16 cents per share, for the three month period ending in October, compared with a gain of $2.7 million or two cents a share in the same period a year ago. Total revenues increased 1.8 percent to $361.7 million, up from $355 million the previous year. That was slightly less than the $417.3 million in revenues Wall Street had projected. Cost cutting paid off at the newspaper company, as operating profit rose to $12.9 million, compared with $8.9 million in the same period a year ago. Bloomberg The publisher now relies more on readers than advertisers for its revenue, and CEO Mark Thompson is working to meet new demand by creating tiered packages of content at different prices. Reuters More troubling is the decrease in digital advertising, once touted as an area of growth as print sales wither. In the third quarter, digital advertising fell 3.4 percent while print ad revenue dropped 1.6 percent. The turn in digital ad sales has to do with the rise of advertising exchanges, which puts pressure on prices. Capital New York The New York Times‘ sales team got a vote of confidence from Thompson, just two days after a report that the paper of record’s sales reps are struggling. On a conference call with Wall Street analysts Thursday morning, Thompson touted Meredith Kopit Levien, the Times‘ new executive vice president of advertising, who “has already begun to make an impact on the structure and organization of our sales team,” he said.

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Morning Media Newsfeed: Village Voice Turmoil | NY Post Buyouts | Say Media Layoffs


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Top Editors Abruptly Leave Village Voice Over Staff Cuts (NYT)
The tumult that has characterized The Village Voice in recent years resurfaced on Thursday when the top two editors said they were leaving the weekly newspaper. Will Bourne, who became editor last November, and Jessica Lustig, the deputy editor since January, met with the staff at 11 a.m. on Thursday to announce their departure. In a phone interview, Bourne said that Christine Brennan, executive editor of Voice Media Group, had told them to lay off, or drastically reduce the roles of, five employees on the 20-person staff. Rather than carry out the cuts, he and Lustig resigned and left immediately, in the middle of closing next week’s paper. Gawker We hear that Michael Musto, the Village Voice‘s longtime society columnist and the last remaining vestige of the “classic” Voice, is one of the five Voice staffers targeted for layoffs — the proposed layoffs that caused the Voice‘s editors to quit today. Musto’s column, La Dolce Musto — a quirky mix of nightlife gossip, party talk, gay issues, and whatever the hell else has been happening in his life in the past week — has been running in the Voice for almost 30 years. NY Observer The downtown alt-weekly has been floundering of late. Last August, they had a significant round of layoffs and switched some full-time positions to part-time. Former editor-in-chief Tony Ortega left in September to focus full-time on debunking Scientology, prompting rumors the he was pushed out. Shortly after that, the newspaper chain underwent a corporate restructuring that separated the company’s papers from Backpage.com, the controversial and highly profitable adult online classifieds site that was a key source of revenue. FishbowlNY Bourne succeeded Ortega as editor of the Voice in late November. Read more

After Arbitrator’s Ruling, Layoffs To Come To Times Later This Week

nyt logo.jpgMartin Scheinman, an arbitrator hearing the dispute between the New York Times‘ management and the guild, ruled yesterday, as promised.

In a press release, and a memo to members, the guild explained that Scheinman had upheld its seniority definition for staffers — meaning seniority will be measured based on how long someone has been in the newsroom overall, and not how long they have been at a particular desk.

But there was one sentence that went out in a memo to guild members, obtained by FishbowlNY, but was not in the press release issued by the guild:

“The Guild is expected to be notified Tuesday of the layoffs, which
would be implemented later this week.”

Sounds like layoffs at the Times are just a few days away.

After the jump, more information from the arbitrator’s ruling

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Times Staffers Prepare For Not So Merry Christmas

nyt logo.jpgAccording to a memo sent out to guild members last night, The New York Times will keep staffers it plans to lay off next week — as many as 26 of them — on the payroll until December 23, “several days longer than planned.”

This extension is related to a dispute between the union and Times management over calculating seniority and “several related issues,” the union said in the memo yesterday, which was obtained by FishbowlNY. The dispute went before an arbitrator last night, and he is expected to rule on the matter Monday. The Times will then provide the guild a list of those targeted for layoffs before dropping the axe. Apparently, seniority will be playing a factor in who the paper decides to let go, so the guild wants to make sure it is correctly calculated before final decisions are made.

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Star-Ledger Cuts Salaries, Benefits

star-ledger.jpgThe Star-Ledger, New Jersey’s largest paper, is no stranger to belt-tightening, but they’re going to take it one step further later this year. After asking 200 employees to take buyouts just a few months ago, the paper announced yesterday that it will now be reducing employee salaries and its payments for their health care benefits.

According to the AP, remaining Star-Ledger employees’ salaries will be reduced on a sliding scale starting July 1, with the first $40,000 reduced by 5% and the next $40,000 by 10%.

In addition to the salary cuts, the Star-Ledger will also no longer cover the full cost of its employees’ health care coverage, instead requiring them to pay 25% for their health care plan.

Earlier this year, remaining employees were told the paper would no longer contribute to their pension plan and were also asked to take a 10-day unpaid furlough in 2009. Still, given the current state of the newspaper industry these beleaguered staffers are probably grateful to still have jobs.

And if they’re not, they can always join their departed colleagues in their new local news online venture. If you’re a current or former Star-Ledgerreporter or editor, we want to hear from you. Email us or leave us a note in the comments below.