NEWARK, N.J. — 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 said the newspaper is expected to lose about $10 million this year. It lost about $9 million last year.
Publisher Richard Vezza wrote that full-time employees will be offered a buyout that will pay them one year’s salary plus medical benefits.
Salaries would be adjusted and some job duties could be combined, Vezza said in the memo, adding that he will meet with union officials to discuss cutbacks.
In the fall of 2008, publisher George Arwady threatened to sell or close the newspaper if it couldn’t reach an agreement with its drivers union. An agreement was reached, and more than 300 full-time, nonunion employees agreed to a buyout, including nearly half of the 334 editorial employees.
Unlike the 2008 buyout push, there is no threat to close the paper this time, Vezza said.
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.