'Times' To Eliminate $15 Million In Staff This Quarter
Um, whoa! Buried in the bottom of the 3rd quarter statement from the New York Times is this: "The following expectations are for the fourth quarter of 2007.... Staff reduction costs - $14 to $16 million. This range can vary significantly based on seniority and the timing of implementation." Hey what now? In the first quarter, when they shuttered the Boston Globe foreign bureaus, giving buyouts to 125 workers or so, they reported "Staff reduction costs of $7.8 million." In the second quarter, when workers were eliminated at the Edison, NJ, printing plant, they reported "staff reduction costs were $5.0 million." So presumably a good chunk of people are about to get canned. But who? Update: The Times claims that "most" of these costs are associated with the sale of the printing plants—one of which, as we already noted above, closed half a year ago. Hmm!