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

Published September 7, 2010 4:58PM (EDT)

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.

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.

In 2008, more than 300 employees took buyouts.

By Associated Press

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