Los Angeles Times Offers Voluntary Buyouts To Employees With Two Or More Years Of Tenure

The Los Angeles Times is offering voluntary buyouts to employees who have been with the publication for two years or more, underscoring the continued headwinds facing even large players in traditional print media.

A Times spokesperson confirmed the buyout program.

In an email to staffers, first reported by Semafor, Times management said that while it remains “a vital source of news and information for our city, region, state and beyond, the economic landscape of the media industry continues to be extremely challenging. The difficult financial situation faced by the Times requires us to remain diligent in managing costs.”

The Times went through a round of layoffs early last year, slashing more than 20% of the newsroom, or about 115 people. At the time, Patrick Soon-Shiong, the owner of the Times, said that the publication was losing $30 million to $40 million a year.

The buyout memo did acknowledge the devastating fires that have wiped out much of Pacific Palisades and Altadena, and the “inspiring” role that the Times team played in its coverage during the crisis.