NEW YORK (MarketWatch) — The Rocky Mountain News went belly-up. The Seattle Post-Intelligencer converted to an all-digital format. The San Francisco Chronicle made such serious cuts that it had become clear the paper was hanging on by a thread. The smaller Ann Arbor News joined the procession of casualties amid a prolonged advertising slump and a national recession.
When those tremors recently shook the newspaper industry, some observers expressed public sympathy but took solace privately that at least the industry’s biggest players were still holding the line.
Not any more.
On Thursday, the New York Times announced it was cutting salaries for editors and managers by 5% through the end of the year and would be asking for the same concessions from unionized newsroom employees. The Washington Post, meanwhile, will extend buyouts mostly to newsroom, production and circulation staffs. Layoffs could come next.
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