The New York Times is making all its staff take two weeks’ unpaid leave, and cutting 100 jobs in the commercial sector.
The paper is reducing pay across the board by five per cent, and, in return, offering staff an extra ten days’ holiday.
The NYT has around 1,300 journalists. The pay cut also affects staff at its sister paper, the Boston Globe.
The Guardian reports management blamed the “toughest environment in years”.
Gannett, parent company of Newsquest, has already asked staff to take two weeks’ unpaid leave before the end of June.
The NYT has recently received investment from Mexican billionaire Carlos Slim.