Media layoffs have gotten common. Less common are media companies asking their surviving employees to take pay cuts in order to keep their jobs. In an effort to retain its talent base, New
York, which laid off a few people last year, is asking its core writing staff to "redefine" their pay scale. The new definition apparently involves getting paid less and the cuts don't appear
to be the same amount for each writer.
The move seems to make sense. Magazine owner Bruce Wasserstein is a billionaire, but his industry shrank by 12% last year and the high-end
local ad market that New York depends on will be particularly fraught this year.
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