Cash-strapped NYT vacates 8 floors of building, shrinks to ‘dynamic, modern’ work environment

Cash-strapped NYT vacates 8 floors of building, shrinks to ‘dynamic, modern’ work environment
Olympus has fallen.

[Ed. – Yeah, we should definitely all listen more to a fossilized media company in left-wing capture that hasn’t turned a profit in years.  Emphasis in ZeroHedge post.]

[A]ccording to a just released note from executives Arthur Sulzberger and Mark Thompson, the newspaper will vacate at least eight floors in its iconic building, allowing it to “generate significant rental income” because it is “frankly, too expensive to occupy this many floors when we don’t truly need them.”

Maybe the lesson here is that when the newspaper business model no longer works, one can just pivot into a REIT?

The remaining staff will be consolidated on the remaining, redesigned floors in a “more dynamic, modern and open workplace, one that is better suited to the moment.”

Furthermore, the NYT publisher and CEO will lose their corner offices, which they call a “vestige from a different era” and will “introduce more team rooms and common spaces.”

It is unclear if NYT would distribute pink slips as part of the cost-cutting effort, however as the letter adds, “in the end, these changes will impact every employee at 620 Eighth Ave. In the near term, we will have to move about 400 employees out of the building to nearby office space while the first phase of work is completed.

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