Tampa Bay Times Announces 20% Payroll Reduction and Buyouts for Employees

Tampa Bay Times Announces 20% Payroll Reduction Amid Revenue Challenges

In a move that reflects the struggles facing local news providers nationwide, the Tampa Bay Times announced on Tuesday that it would need to reduce its payroll by 20% as part of cost-cutting measures.

The Times, a recipient of 14 Pulitzer Prizes, stated that it would be offering buyouts to its approximately 270 full-time employees, including around 100 journalists in the newsroom. Employees have until August 16 to decide if they want to seek a buyout package that could provide up to 12 weeks of pay.

If the savings fall short of the target, layoffs will follow later this month, with some reductions potentially coming from eliminating unfilled vacant positions. In addition, top executives, including Chairman and CEO Conan Gallaty, will be taking pay cuts of 10% and 20%, respectively, through the end of the year.

The Times also plans to make changes to its products in the coming months, although specific details have not yet been provided. However, Gallaty assured that the newspaper will continue to publish in print on Wednesdays and Sundays.

This is not the first time the Times has faced significant cuts, with the last major reductions occurring in 2020 during the height of the COVID-19 pandemic. Since then, the newspaper has seen a decline in print advertising and circulation, while digital revenue growth has not fully offset the shortfall.

Despite the challenging news, Gallaty remains optimistic about the future of the Times, stating, “I am confident we will emerge from this challenging period as a more focused and sustainable company.” The announcement of job losses comes shortly after the newspaper celebrated its 140th anniversary by sending gift cards to its employees.

As the Tampa Bay Times navigates these difficult times, the commitment to providing robust local journalism remains at the forefront of their mission.