New York Times Co. and Knight Ridder Inc. said Tuesday that they would eliminate hundreds of jobs to cut costs in response to declining ad sales.
New York Times, the third-biggest U.S. newspaper publisher, is cutting 500 jobs, or about 4% of its workforce, the company said. Knight Ridder, the No. 4 U.S. newspaper company, offered buyouts to 100 newsroom employees at the Philadelphia Inquirer and the Philadelphia Daily News, a spokesman said.
The job cuts underscore the difficulties newspaper publishers are having as advertisers shift spending to cable television and the Internet. New York Times Co. on Tuesday reduced its full-year advertising revenue forecast, while Knight Ridder said advertising at the Philadelphia papers was down by “low single digits.”
The cuts at New York Times Co. include 45 newsroom jobs at its flagship newspaper and 35 news staff jobs at the Boston Globe.