of Tampa Bay Times The deadline will force the company to cut employee salaries by 20% and the company’s CEO will offer severance packages to employees.
About 100 reporters and 170 other staff at the 140-year-old newspaper have been notified by CEO Conan Galaty that they have until Aug. 16 to decide whether to accept a buyout package that includes four weeks of additional severance pay. Times staff I have written in article Announce cuts.
Galati said the severance payments would be for a maximum of 12 weeks, with job cuts set to take effect in late August if the 20% target is not met.
“Some of the job cuts may come from the elimination of unfilled vacancies,” it said.
The CEO also said the company’s chief executives would take a 10% salary cut until the end of 2024 and that he would take a 20% salary cut.
This announcement was made Times To celebrate its 140th anniversary, the company mailed gift cards to employees.
“We are sad to announce this news on the occasion of our 140th anniversary. Times “We remain committed to strong local journalism,” Galati said.
“We are confident that we will weather this challenging period and emerge as a more focused and sustainable company,” he added.
According to the nonprofit organization Pointer InstituteOwn TimesTampa-Based Outlets Distributed High costs associated with acquiring or closing down competitors Tampa Tribune2016.
Advertising revenues also declined over the next few years.
In an interview, Galati told the institute that print revenue still accounts for the majority of the paper’s revenue.
To save money, Times WFLA closed its St. Petersburg plant in 2020 and decided to print only on Wednesdays and Sundays. report.
The paper also relocated its downtown Tampa offices in February to cut costs before announcing major job cuts.
of Tampa Bay Times The news came the day after far-left media outlet Axios announced it was cutting 10% of its 500-person staff.
Breaking News: Axios lays off 50 employees across the company; CEO Jim VandeHei This memo was just sent out, citing “changing conditions in the media industry” as the reason for the layoffs. pic.twitter.com/lLVemNFh0N
— Katie Robertson (@katie_robertson) August 6, 2024
The cutbacks are notable because both publications rely on political coverage for a significant portion of their readership, with Election Day just a few months away.
“This is a strange time to lay off 10% of our workforce, with just 90 days until a presidential election that is not only momentous but unprecedented.” I have written “We’ve already had one assassination attempt and one of the main candidates (the incumbent president) dropped out of the race. We also have the Olympics, a struggling economy and an escalating war in the Middle East,” Breitbart News reporter John Nolte said Tuesday.
