Largest New Jersey newspaper offers buyouts to cut losses

Expected to lose $10 million this year, Star-Ledger dangles a year's salary, medical benefits for some managers



Associated Press
September 7, 2010 8:58PM (UTC)

New Jersey's largest newspaper is offering more buyouts to employees as it faces mounting financial pressure.

In a memo to employees, the publisher of The Star-Ledger of Newark says the newspaper is expected to lose about $10 million this year. The newspaper lost about $9 million last year.

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Publisher Richard Vezza writes that full-time employees will be offered a buyout that will pay them one year's salary plus medical benefits. Employees will have 45 days to make a decision.

Employees hired before Jan. 1, 2006 will be eligible. In the memo, Vezza says he hasn't set a target number for the buyouts.

Vezza also wrote in the memo that salaries would be adjusted and some job duties could be combined.

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In 2008, more than 300 employees took buyouts.


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