Reuters: New York Times to lay off 4% of workforce [View All]

[420inTN]

NYT to lay off 4 pct of work force
Tue Sep 20, 2005 5:02 PM ET

NEW YORK (Reuters) - New York Times Co. on Tuesday said it plans to cut about 4 percent of its work force and warned of lower-than-expected profits as it faces weaker advertising across its core newspaper operations.

The publisher of the New York Times and the Boston Globe said it would cut about 500 jobs over six to nine months beginning in October, including 250 positions at the New York Times Media Group and about 160 at its New England Media Group.

The reductions would include about 80 newsroom positions in total -- 45 at the Times and 35 at the Globe.

The company further warned that third-quarter earnings per share would be in a range of 11 cents to 14 cents compared with 33 cents a year earlier. Analysts on average had forecast earnings per share of 25 cents, according to Reuters Estimates.

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