ST. PETERSBURG, Fla. — Tampa Bay Times leadership on Tuesday announced it needs to cut 20% of its staff following reported "revenue challenges."
In a letter to staff, Chairman and CEO Conan Gallaty said about 270 employees, including 100 newsroom journalists, have until mid-August to decide on a buyout package. If not enough people choose the option, layoffs will follow.
Gallaty, speaking with the Poynter Institute — a nonprofit school for working journalists that owns the Times, said 60 jobs will be eliminated. He told the organization that falling newspaper print revenue is behind the needed job cuts.
Revenue from print remains still a major and profitable factor in the paper's finances, even though it only publishes in print on Wednesdays and Sundays, Poynter reported. While the digital side of the Times continues to grow at about a 20% annual rate, that doesn't make a difference for the decline in print advertising revenue, Gallaty said.
In the meantime, the paper is reportedly offering a buyout package with an extra four weeks of severance pay to those who voluntarily leave. Then, if necessary, additional layoffs will happen at the Times to meet its target reduction by Aug. 31, Poynter said in its report.
Along with the layoffs, Gallaty said executives at the paper will take 10% pay cuts through the end of this year while he will put his pay by 20%, the Times said.
“While sharing this news as we mark our 140th anniversary is disappointing, we are committed to ensuring the Times can continue its dedication to robust local journalism,” Gallaty said in the letter. “I am confident we will emerge from this challenging period as a more focused and sustainable company.”
