New York Times's cuts 9.5 percent of staff

NEW YORK Fri Feb 6, 2009 12:25am IST



NEW YORK (Reuters) - The New York Times Co's online encyclopedia laid off 19 people, or about 9.5 percent of its staff, on Thursday because of cost cuts in response to a prolonged economic crisis.

The job cuts came after suspended pay raises, limited travel budgets and cut discretionary spending to compensate for lower revenue projections, a spokeswoman said.

The cuts came in About's sales, client services, marketing and editorial units, she said.

New York Times shares rose 10 cents, or 2.09 percent, to $4.89 on the New York Stock Exchange.

(Reporting by Robert MacMillan, editing by Leslie Gevirtz)