Posted on 08/07/2024 1:01:03 PM PDT by shortstop
Tampa Bay Times offers buyouts to staff, says payroll needs to be cut by 20 percent
Citing revenue shortfalls, Tampa Bay Times Chairman and CEO Conan Gallaty announced buyouts this morning for the newspaper's 270 employees, which includes about 100 journalists.
In a letter sent to employees and partially published to the Times website, Gallaty said the company must reduce payroll by 20% or layoffs will commence later this month, adding that employees have until Aug. 16 to take the buyout packages, which max out at 12 weeks of pay.
“We remain committed to finding a viable path for great local journalism. While unfortunate, these changes will help the Tampa Bay Times become a more focused and resilient news organization," said Gallaty in a statement to Creative Loafing Tampa Bay. "We are grateful to our readers and supporters for continuing to believe in our mission.”
Gallaty blamed the buyouts on declining circulation and noted that "digital revenue growth hasn’t made up for the shortfall."
The CEO, who took over the reigns from Paul Tash in 2022, said the Times will also implement new "changes to its products over the coming months," but did not give any further details, other than the paper's print product will continue to be published twice a week.
Gallaty also says he will be taking a 20% pay cut, and top executives will take a 10% pay cut.
The Tampa Bay Times building in Tampa, Florida on Jan. 8, 2022.
Tampa Bay Times closes downtown Tampa office And yes, the sign will come down.
The paper has experienced some significant cost cutting measures over the last couple years. Back in January, the Times shuttered its downtown Tampa office, citing hybrid work demands, and moved to a smaller space in the Town ‘n’ Country area. In the beginning of 2021, the paper also closed its printing plant, which resulted in the loss of 150 jobs.
The paper's most recent layoffs occurred in February of 2023, when four newsroom staff members were let go. The paper also laid off seven journalists in October 2019, cut 16 newsroom jobs in November of 2018, and eliminated 50 jobs company-wide in April 2018.
Besides the Tampa Bay Times, Times Publishing Co. also owns Tampa Bay Newspapers Inc. and the business magazine Florida Trend.
Earlier today, Axios also announced it was cutting payroll. The company stated that 50 positions nationwide have been eliminated, including local reporter and University of Tampa alum Selene San Felice.
folks gonna have to buy bird cage liner now
Fish wrap.
People don’t like to pay to be lied to. Good riddance to another nest of vipers.
Layoffs seems to be getting common.
Recession seems to be here or, if not here now, approaching with inevitability.
I say that the jobs that are going away now are, for the most part, never coming back. AI is here and is going to be transformative — journalism, high tech, banking, insurance, law firms, etc. In a downturn, employers will trim their staff. And they would rather invest in AI systems than hire people back when an upturn comes.
Get ready to see a society in which many, many people have nothing of value to contribute to the national economy.
It’s owned by the New York Times so smile and be happy at trouble on our enemy’s tent.
AI can repeat Mockingbird lies better and cheaper than humans.
Layoffs are a no brainer.
Many people just don’t buy actual printed newspapers anymore.
A big source of income for papers had been advertising, but local businesses don’t see value in advertising in papers anymore.
It’s a doom loop.
I know it was at least 20 years ago but I’d go to visit my brother who lived on Indian Rocks Beach.
There was the Tampa Tribune and the St Petersburg Times. I preferred the Tampa Tribune’s overall coverage as well as their editorial page - which was right leaning.
It sound like that’s not case anymore.
Back about 15 years ago, The Tampa Bay Times called me at home offering their newspaper at 50% discount for the first year. I told the rep that, I would accept the paper if they would pay me $50 per month to become a ‘loyal’ reader. The rep said I was being ridiculous, but I told him it was the paper’s loss and not mine. ;)
The Tampa Bay Times is learning the hard way that it’s bad for business when you alienate half your potential customers through systemic left wing bias.
I like your approach—I would have said “You are a Communist paper so lets do this Commie style. You pay me for not reading your newspaper.”
Lol.
Hah hah.
I tried the local broadcast news a few times. As I recall, weather was ok. I was a bit surprised by the mature and professional woman, instead of a hot babe. That’s ok by me and probably healthy for society.
What I objected to was the young (ethnicity unknown) newscaster who would consider me subhuman because I vote Republican. I felt like I had a glimpse of what it must be like watching the news as reported by a true believer in North Korea.
Not original but, “They should learn to code.” Libs who had no empathy for private sector manufacturing workers who lost their jobs, deserve none themselves with they are let go. I hold the tobacco industry in higher esteem than journalism.
St Pete Times was St Pete Pravda and the Trib was a little bit to the right. Not much though.
The Tampa Bay Times is the successor to the old St. Pete Times, a resolutely liberal and high partisan newspaper that once had great influence over Florida politics.
Liberal layoffs! That’s a shame.
I would have used it for puppy training on the editorial page and sent them pictures.
:-)
“I preferred the Tampa Tribune’s overall coverage as well as their editorial page - which was right leaning.”
Agree with you. I used to read the Tribune every day, for many years. Tsk.
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