In its deal to sell 16 regional papers to Halifax Media, The New York Times Co. limited layoffs to 10 percent of employees, according to an SEC filing from Dec. 27, 2011.
Since the New York Times Regional Group employed about 2,000 people at the time of the sale, according to the Times' Abbe Serphos, that means about 200 people could have lost their jobs when the sale was completed. Though the agreement required Halifax to provide the Times with a list of names of everyone it intended to let go, the Times is not commenting on whether Halifax laid off the maximum number.
In addition to the challenges they faced with a noncompete that has now been nullified
, former NYTRG employees have been confused about whether they could work for The New York Times Co. after the sale of their papers to Halifax
. The SEC filing reveals that they can be hired by the Times as long as they are not recruited by their former employer for the next two years. The filing also shows that for three years the Times cannot own or operate a local news business in the 15 markets it has just left. (You can read the relevant clause after the jump.)
The deal to sell the papers also guaranteed "comparable wage rates or base salary and bonus levels" for employees. It also continued all "eligibility, vesting and benefit entitlement under all compensation and benefit plans." || Related: Halifax noncompete will not apply to former New York Times Regional employees