The Buffalo News is offering a new round of buyouts to virtually every department of the company, including newsroom staff, Buffalo Business First reports.
The offer includes two weeks of pay for each year of service or $50,000, whichever is greater, but the company is only offering the package to long-tenured employees. In the newsroom, nine employees are eligible.
Employees have until March 25 to accept the offer and must leave by April 15.
According to Buffalo Business First, a decline in net profits is to blame: “While paper’s overall operating profit last year rose 5.5 percent, increasing from $15.39 million in 2009 to $16.23 million in 2010, net profit dropped 36 percent to $8.11 million.”