By: E&P Staff The New York Times Co. told non-union print and online employees at the New York Times this afternoon that they would receive no pay raises for 2009.
Forbes.com obtained a memo from Publisher Arthur Sulzberger Jr..
It follows.
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Dear Colleagues,
The deepening recession and the structural changes confronting our industry continue to present us with difficult challenges. Advertising revenues at both the paper and the Web site remain weak and the financial outlook for 2009 is daunting. For these reasons, we have decided to forgo pay increases for all non-union employees in the coming year.
The decision to freeze wages at current levels was not taken lightly. For all of our aggressive efforts to streamline our businesses and to reduce our expenses, including the consolidation of production facilities, the restructuring of our newspaper distribution and the Board's decision to reduce our dividend, we felt that it was essential to take this step to further control our costs during these hard times.
We remain a great brand, a great organization and a great culture; our journalism remains the gold standard, not just here but around the globe, and we reach more people each day on the web than any other newspaper company. With your help and support, Scott, Bill, Andy, Martin and I are confident that The Times will come through this difficult period, and we will emerge stronger than ever.
Arthur
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