LA Times offering voluntary buyouts to employees
The Los Angeles Times is offering voluntary buyouts to staff members who are with the publication for at least two years. The move comes two years after biotech billionaire Dr. Patrick Soon-Shiong acquired the Times in hopes of turning it around.
The “separation plan” that CNN Business reviewed says that “employees of California Times and its subsidiaries” are eligible for the buyout. The California Times also owns The San Diego Union-Tribune, the now-defunct Spanish-language Hoy and several small community papers.
“Since the transition to local ownership, we have invested more than $100 million in staff, technology and infrastructure, and as we continue our transformation of the Times, we shall continue to invest,” reads the email, which was obtained by CNN Business. “We know that to build a sustainable business and ensure our ability to provide vital journalism for decades to come, we need to move swiftly to make our product more digital, more nimble, and more attractive to loyal and new audiences. Buyouts will help us accelerate this process.”
“The buyout offer is intended to give us a little more flexibility to create and hire new roles, and to give some staffers who are looking to make a change an opportunity to leave on their own terms,” Times spokesperson Hillary Manning told CNN Business. “This is one step of many as we further the transformation of the company. We are committed to investing in areas that strengthen our ability to compete, grow revenue and produce vital journalism in the public interest.”
Also, the company has announced that no layoffs are in place.