Tampa Bay Times Cuts Employee Pay 5 Percent, Reduces Severance Payments

By: Tampa Bay Times

Paul Tash, CEO and chairman of the Times, announced the cuts in a memo to employees Thursday, citing a difficult summer that resulted in lower than expected revenue. "Newspaper publishing remains a tough business," he wrote.

Anticipating job reductions as the company looks to reduce expenses, Tash said the company also will reduce its maximum severance payment from 13 weeks to eight weeks, starting Oct. 1.