The New York Times sent shock waves through its Renzo Piano-designed headquarters Wednesday with a plan to shed 100 newsroom jobs, or about 7.5 percent of the editorial staff.
In an equally seismic blow, the Times also conceded that some digital efforts have flopped.
NYT Opinion, a mobile app with columns and op-ed content, will close because it failed to attract enough subscribers, Publisher Arthur “Pinch” Sulzberger Jr. and Chief Executive Mark Thompson co-wrote in a memo to staff.
The moves are part of a plan to shave as much as $30 million in costs, sources said, with the Gray Lady expected to report flat ad revenue for the current quarter.
“The job losses are necessary to control our costs and to allow us to continue to invest in the digital future of the New York Times, but we know that they will be painful both for the individuals affected and for their colleagues,” Sulzberger and Thompson wrote.
The deep cuts could also pressure the company to streamline the top management structure that includes Vice Chairman Michael Golden, Sulzberger’s first cousin.
Full story: New York Times Jobs