Buyouts hit the Los Angeles Times
The Los Angeles Times on Friday issued a staffwide announcement that it's offering buyouts to the newsroom.
The announcement, which came in a memo from editor and publisher Davan Maharaj, described the buyout program as limited in scope and attributed it to adverse industry conditions.
"For the Los Angeles Times, and the news industry overall, 2017 has been challenging," Maharaj wrote. "We are weathering the challenges better than most, because of our dedicated staff and several initiatives that have helped our business. However, we need to address the current economic realities as we work to secure our future."
Here's the full memo:
For the Los Angeles Times, and the news industry overall, 2017 has been challenging. We are weathering the challenges better than most, because of our dedicated staff and several initiatives that have helped our business. However, we need to address the current economic realities as we work to secure our future.
To do that, we are offering a limited voluntary buyout plan for certain Los Angeles Times employees. This plan will include severance benefits that those eligible may find appealing. Participation is entirely voluntary.
Eligibility to apply for the buyout, or Employee Voluntary Separation Plan (EVSP), will be limited to non-union employees with at least 15 years of service at the company and excludes the Manufacturing, Distribution and Operations departments. It will be at the discretion of Los Angeles Times Communications, LLC whether to accept or decline applications.
Employees who are eligible will be notified by email and will be able to pick up their severance offer directly from Human Resources. The offer will include detailed information about the plan, how to apply and the relevant dates and deadlines. Those eligible are encouraged to review the offer thoroughly and discuss it with their managers, family and personal advisors before making a decision about whether or not to apply. The Human Resources team is prepared to answer any questions you may have.
As we move forward on our digital transformation, we will continue to focus sharply on the quality journalism that Los Angeles Times readers expect of us ─ and we expect of ourselves. Despite the challenges in the industry in recent years, we have delivered award-winning journalism that serves our growing community of readers in ever-expanding ways.
Your work makes a difference and makes us proud every day. Thank you.