Financial Times offers buyouts, freezes salaries

Robert MacMillan of Reuters reports Tuesday that The Financial Times is offering buyouts and freezing salaries as its advertisers and customers deal with the financial crisis, according to a memo from the daily business newspaper’s chief executive.

MacMillan writes, “The pink-hued business daily, which is owned by Pearson Plc, is seeking an unknown number of buyouts, with expressions of interest due by December 19, according to the memo, which was sent on Tuesday and obtained by Reuters.

“It also is freezing salaries for employees who earn more than $50,000 a year or the equivalent.

“If conditions improve more quickly than expected, the company would review its decision on salaries, Chief Executive John Ridding wrote, adding that it would be at least in the second half of the year before the FT considered that.

“‘We continue to perform well against the competition, taking market share in advertising, readership and circulation,’ Ridding wrote.”

Read more here.