With the New York Times offering to buy out it’s employees, and News Corp.’s the Daily being shut down; people are asking is the end of print media nigh?
Two major things have occurred today in the world of print media. First, the New York Times has offered 30 buy outs to its non-union newsroom managers. The acclaimed paper is doing all that it can to save money in hope that voluntary buyouts may stagger the oncoming layoffs.
While this is not the first round of buyouts that the New York Times has faced, this particular set rings of a certain finality. The newspaper recently went through a difficult contract negotiation with it’s union, that did not end on a happy note. The publisher of the paper Arthur Sulzberger stated in a memo:
“As we all know, these are financially challenging times. While our digital subscription plan has been successful, the advertising climate remains volatile and we don’t see this changing in the near future. Given this, I have asked Scott, Jill and Andy to identify significant cost savings – including buyouts – throughout The New York Times Media Group.
While we will continue to invest where needed to ensure our role as a global leader in news and information, we must make some difficult decisions to lower our costs. Our business-side colleagues will continue their efforts to find staff reductions and other efficiencies, but it is now impossible not to look also within the ranks of our news operations.
None of this is easy in these difficult times. Thank you all for your courage, your talent and your commitment to fulfilling our mission. You will be hearing more from your managers.”
On top of the News Corporations rag The Daily is being shutdown. The paper, available only on tablets, was in circulation for just over 2 years before the company decided to cease publishing to the unique app. News Corp. claims the at the brand will live on in other channels, and also that the tech and staff will be folded into another publication: The Post.
Some say the the closing of The Daily was a long time coming. The digital paper was reported to have been hemorrhaging nearly 30 million dollars per year, and had laid off 50 employees just this past July.
Do you think that these two events herald the end of print media? Or is the NYT just having a hard time, and The Daily just a failed app? Let us know what you think in the comments below!