American daily newspaper The New York Times has announced that it will offer buyouts to some of its newsroom staff, and may lay reporters off if not enough people accept the severance package.
Writing to staff, publisher Arthur Sulzberger said that he had asked top editors within the paper to "identify significant cost savings."
According to the Huffington Post, he wrote that 'the advertising climate remains volatile and we don't see this changing in the near future.'
"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," Sulzberger wrote.
"Given this, I have asked Scott, Jill and Andy to identify significant cost savings - including buyouts - throughout The New York Times Media Group," he added.
The paper reported that the company is offering 30 buyouts to non-union newsroom managers.
"There is no getting around the hard news that the size of the newsroom staff must be reduced," editor Jill Abramson wrote in her own memo.
"I hope the needed savings can be achieved through voluntary buyouts but if not, I will be forced to go to layoffs among the excluded staff," Abramson added.
According to the report, The Times has gone through rounds of buyouts before, shedding 100 employees in 2008 and a further 20 in 2011.
The paper recently went through a bruising round of contract negotiations with its unionized staff. (ANI)