TORONTO (Reuters) - Canadian newspaper publisher the Globe and Mail offered voluntary buyouts to all staff on Thursday in an effort to ‘right-size’ the business, publisher Philip Crawley said.
The newspaper, which has about 650 staff, is looking for about 40 people to volunteer for the buyout, Crawley said in an email sent to employees and seen by Reuters.
In 2013, when the paper last offered buyouts, more than 60 employees accepted the offer, he said.
Newspapers are under increasing pressure to cut costs to offset sharp declines in print advertising sales.
The package is open to union and non-unionized staff and management, with enhanced severance for employees with more than 30 year of service, Crawley said.
“I made it clear today that this is about right-sizing the business. It would have happened now, with or without a new building,” Crawley said in an email, referencing the newspaper’s planned move to a new office building in downtown Toronto later this year.
In the email, the company said that under a three-year plan it had reduced its expense run rate by C$25 million ($19.34 million) through cost-cutting measures including a new print plant contract and reduced marketing budget.
The Globe hopes to reduce its staff by mid-November, the email said.
The Globe is majority-owned by Canada’s Thomson family, which is also a majority owner of Reuters’ parent company, Thomson Reuters Corp (TRI.TO).
($1 = 1.2924 Canadian dollars)
Reporting by Susan Taylor; Editing by James Dalgleish