The Washington Post announced a voluntary buyout program today that will affect up to 48 people, or eight percent of the newsroom staff.

The AFP reports that the offer is not being extended to all newsroom departments and certain volunteers will be turned down if “we feel their departure would impair our journalism,” executive editor Marcus Brauchli said. “That said, it is important that we achieve real savings.”

According to ombudsman Patrick Pexton:

Update: Pexton wrote us to say he was mistaken about the investigative team being protected from the buyout. They are, indeed eligible for the buyout. Here’s his corrected tweet:

The Post company is scheduled to announce its fourth-quarter earnings at the end of the month. The newspaper’s third-quarter earnings showed a steep decline in both print and online revenues.