Newspaper Giants Continue to Cut Costs
April 24, 2009
How we long for the days when prestigious papers such as the New York Times and Washington Post were swimming in profits.
Revenue and profitability have been replaced by layoffs and cost-cutting measures. Despite multiple levels of cutbacks, the slashing continues at two of the most prominent newspapers in the world.
In an attempt to cut back on the use of ink, paper, and freelancers, the Times announced that they will be eliminating several weekly sections, including the City Section and regional weeklies in New Jersey, Long Island, Westchester and Connecticut. The move comes amidst salary cuts and other drastic cuts including the sale of part of its Manhattan headquarters (only to lease it back) in order to raise capital. The Times hopes the latest cuts will be the final significant reductions for the year.
The Post will undergo drastic changes within the newsroom, as the print editorial staff will merge with the online staff to create a single operation and universal news desk.
What happens when there is nothing left to cut?
