Internet blamed as New York Times axes 500 jobs
The New York Times Company is to axe 500 staff as a result of falling circulations and a slump in ad revenues as more readers turn to the Internet for news.
Flagship titles The New York Times and the Boston Globe are expected to lose 45 and 35 staff from editorial departments respectively.
Bill Keller, executive editor of The New York Times, said he hoped most of the cuts would arise from volundary redundancies or scaling back temporary staff.
He also assured readers the lay-offs would not affect the quality of the paper's journalism.
Around 200 jobs are also to be cut from The New York Times Company's regional newspapers and corporate departments.
The publisher blames the increasing number of readers, especially young readers, using Internet news sources as a reason for the fall and cuts.
The New York Times said its third-quarter earnings would be lower than expected because of weak ad revenue and higher-than-expected costs from the earlier 200 job cuts in May.
The New York Times chairman Arthur Sulzberger said: "We regret that we will see many of our colleagues leave the company. It is a painful process for all of us."
The New York Times Company also owns the International Herald Tribune, Worcester Telegram & Gazette, and NYTimes.com and Boston.com.
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