New York Times to Cut Staff Across Units

New York Times Co. said it will cut staff across all of its business units in response to the deteriorating advertising market, higher newsprint prices and the weaker economic outlook. Separately, Dow Jones & Co., publisher of the Wall Street Journal, confirmed plans to lay off 202 people, or 2% of its staff, and eliminate 300 open positions, as it reported an 81% drop in first-quarter earnings. The New York Times publisher, which also owns several other newspapers as well as television and radio stations, declined to specify the number of jobs that will be cut, but said it will take two to three months to complete a voluntary buyout program. Although the emphasis will be on voluntary buyouts, Times spokeswoman Catherine Mathis said some job reductions will be involuntary, particularly at the Times Digital unit. Dow Jones said its profit fell to $14.7 million, or 17 cents a share, missing already lowered analyst expectations, on a 17% decline in revenue to $459.9 million. The company said it expects second-quarter earnings of 50 to 60 cents, well below analysts’ consensus estimate of 77 cents as compiled by First Call/Thomson Financial. Dow Jones expects ad lineage at the Journal to be down 30% to 35% in the second quarter. On the New York Stock Exchange, New York Times closed up 62 cents at $41.34, and Dow Jones rose $1.59 to close at $51.71.