• September 21, 2005

Warning that it anticipates a slower rate of ad growth than it originally projected for the rest of the year, the New York Times Co. Tuesday announced a cost-cutting plan that would reduced its workforce by 4 percent, or about 500 jobs. The company described ad results for September, typically its largest ad revenue month of the third quarter, as "challenging," and lowered its 2005 ad revenue growth projections to the low single-digits from an earlier forecast in the low to mid single-digits. The company indicated that print advertising sales were lagging, and that its digital operations continued to reap strong growth. The announcement was the second staff reduction this year. In May, the New York Times Co. announced a 2 percent reduction, or about 190 jobs. -- Joe Mandese