New York Times To Cut 100 Jobs From Its Newsroom

The New York Times Co. reported Wednesday that it will eliminate about 100 jobs from its newsroom, and a smaller number of jobs from its business operations. The paper is also shutting down its new NYT Opinion mobile app, because it has failed to find an audience. "The job losses are necessary to control our costs and to allow us to continue to invest in the digital future of The New York Times, but we know that they will be painful both for the individuals affected and for their colleagues," Publisher Arthur Sulzberger Jr. and Chief Executive Mark Thompson said in a note to employees. The company will offer buyouts but also resort to layoffs if too few people leave voluntarily, the paper reported. The 100 jobs are equal to about 7.5% of newsroom staff. New York Times shares were up slightly in early trade, but have slumped 29% in the year so far, while the S&P 500 has gained 6%.