The New York Times (NYT) is offering employees voluntary buyout packages, the newspaper announced Wednesday.
The Gray Lady will offer the packages to some of its employees working in the newsroom as well as those in its business departments. Notably, the announcement did not mention the number of buyouts being offered. The Times is sending the packages to eligible employees by May 31, according to the memo.
In a memo, Arthur Sulzberger Jr., the newspaper’s publisher, along with executive editor Dean Baquet reportedly explained that the move comes as it strives to become more digitally focused as well as to keep in line with the publication’s goal to double revenue by 2020.
Here’s the complete memo posted on Twitter:
https://twitter.com/joepompeo/status/735476552733982720
“These plans will no doubt lead to new initiatives and investments,” the memo stated. “At the same time, we will also need to make tough decisions about what to stop doing. Wherever we can reduce costs without damaging the values, and value, of Times journalism, we will do so.”
The news comes as numerous other media organizations have announced layoffs and have restructured their newsrooms in recent days, including Vice Media, Mashable, and the Guardian.
This constitutes the newspaper’s first round of buyouts since October 2014.
Fortune has reached out to the Times for comment and will update this story if we hear back.
