The New York Times is planning to vacate “at least eight floors” in its Manhattan headquarters as part of a plan to cut costs, generate rental income, and redesign office space, according to an internal memo.
In a message to company employees, CEO Mark Thompson said that the company had “made the decision to consolidate our footprint across the building to create a more dynamic, modern and open workplace, one that is better suited to the moment.”
“We’re planning significant investments in a redesign of our existing space in order to facilitate more cross-departmental collaboration. We expect a substantial financial benefit as well. All told, we will vacate at least eight floors, allowing us to generate significant rental income,” he continued.
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The memo also confirmed that the near 400 employees currently stationed in the floors soon to be vacated will be moved to a temporary location until the end of 2017, when the redesign will be completed.
The retrenchment effort comes a month after the New York Times announced a 95.7 percent fall in quarterly profit, something which they attributed to restructuring changes related to headcount reductions.
Last week, when delivering a speech on the perceived problem of “fake news,” Thompson made a pitch for new subscribers, claiming that “if you want real journalism, you as a consumer will have to pay for it. So subscribe. Subscribe to your local paper, or The New York Times.” source