Citing revenue shortfalls, Tampa Bay Times Chairman and CEO Conan Gallaty announced buyouts this morning for the newspaper's 270 employees, which includes about 100 journalists.
In a letter sent to employees and partially published to the Times website, Gallaty said the company must reduce payroll by 20% or layoffs will commence later this month, adding that employees have until Aug. 16 to take the buyout packages, which max out at 12 weeks of pay.
“We remain committed to finding a viable path for great local journalism. While unfortunate, these changes will help the Tampa Bay Times become a more focused and resilient news organization," said Gallaty in a statement to Creative Loafing Tampa Bay. "We are grateful to our readers and supporters for continuing to believe in our mission.”
Gallaty blamed the buyouts on declining circulation and noted that "digital revenue growth hasn’t made up for the shortfall."
The CEO, who took over the reigns from Paul Tash in 2022, said the Times will also implement new "changes to its products over the coming months," but did not give any further details, other than the paper's print product will continue to be published twice a week.
Gallaty also says he will be taking a 20% pay cut, and top executives will take a 10% pay cut.
The paper has experienced some significant cost cutting measures over the last couple years. Back in January, the Times shuttered its downtown Tampa office, citing hybrid work demands, and moved to a smaller space in the Town ‘n’ Country area. In the beginning of 2021, the paper also closed its printing plant, which resulted in the loss of 150 jobs.
The paper's most recent layoffs occurred in February of 2023, when four newsroom staff members were let go. The paper also laid off seven journalists in October 2019, cut 16 newsroom jobs in November of 2018, and eliminated 50 jobs company-wide in April 2018.
Besides the Tampa Bay Times, Times Publishing Co. also owns Tampa Bay Newspapers Inc. and the business magazine Florida Trend.
Earlier today, Axios also announced it was cutting payroll. The company stated that 50 positions nationwide have been eliminated, including local reporter and University of Tampa alum Selene San Felice.
This is a developing story.
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In a letter sent to employees and partially published to the Times website, Gallaty said the company must reduce payroll by 20% or layoffs will commence later this month, adding that employees have until Aug. 16 to take the buyout packages, which max out at 12 weeks of pay.
“We remain committed to finding a viable path for great local journalism. While unfortunate, these changes will help the Tampa Bay Times become a more focused and resilient news organization," said Gallaty in a statement to Creative Loafing Tampa Bay. "We are grateful to our readers and supporters for continuing to believe in our mission.”
Gallaty blamed the buyouts on declining circulation and noted that "digital revenue growth hasn’t made up for the shortfall."
The CEO, who took over the reigns from Paul Tash in 2022, said the Times will also implement new "changes to its products over the coming months," but did not give any further details, other than the paper's print product will continue to be published twice a week.
Gallaty also says he will be taking a 20% pay cut, and top executives will take a 10% pay cut.
The paper has experienced some significant cost cutting measures over the last couple years. Back in January, the Times shuttered its downtown Tampa office, citing hybrid work demands, and moved to a smaller space in the Town ‘n’ Country area. In the beginning of 2021, the paper also closed its printing plant, which resulted in the loss of 150 jobs.
The paper's most recent layoffs occurred in February of 2023, when four newsroom staff members were let go. The paper also laid off seven journalists in October 2019, cut 16 newsroom jobs in November of 2018, and eliminated 50 jobs company-wide in April 2018.
Besides the Tampa Bay Times, Times Publishing Co. also owns Tampa Bay Newspapers Inc. and the business magazine Florida Trend.
Earlier today, Axios also announced it was cutting payroll. The company stated that 50 positions nationwide have been eliminated, including local reporter and University of Tampa alum Selene San Felice.
This is a developing story.
Subscribe to Creative Loafing newsletters.
Follow us: Google News | NewsBreak | Reddit | Instagram | Facebook | Twitter
