By: E&P Staff The Hearst-owned San Antonio (Texas) Express-News is seeking 40 to 50 of its employees to accept voluntary buyout packages because the "near-term economic outlook for newspapers remains soft," wrote President and Publisher Tom Stephenson.
In a memo to staff, Stephenson wrote the paper would resort to layoffs if not enough employees took the buyout.
The paper is offering two weeks of pay per year of service to a maximum of one year's pay in addition to six months of medical coverage.
"Increasingly, we find ourselves to be a company in transition: one that is growing robustly on some fronts, while experiencing retrenchment on other fronts," Stephenson wrote. "We are, in effect, transforming ourselves from a newspaper company to a publishing company, with substantial expansion beyond our core product."
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