New York Times Faces New Job Cuts

The New York Times has announced fresh job cuts, mostly in its newsroom division, to save costs. The newspaper said it wanted to invest more heavily in its digital product portfolio.

The New York Times confirmed Wednesday more job cuts would be required to lower costs against the background of shrinking advertizing revenue from its print business.



The newspaper said it would have to slash 100 newsroom positions and a smaller number of jobs from its editorial and business operations.



"We will also redesign the magazine, crate new journalistic features and adapt our journalism to a world where an increasing number of readers find us on mobile," NYT Executive Editor Dean Baquet said in a statement.



Deep restructuring ahead



He added the company would also invest heavily in audience development, its digital product portfolio and advertizing.



However, NYT Opinion, a mobile app dedicated to opinion content, would be shut down as it was not attracting enough subscribers.



The Times had earlier reported a hefty drop in profits in the second quarter, with its Q2 net earnings falling by half year-on-year to $9.2 million (7.3 million euros).



hg/cjc (Reuters, AFP)