NYT Newsroom Agrees To 5% Pay Cut

The NYTThe guild representing the New York Times‘ 1200-strong newsroom agreed to a 5 percent pay cut today, the New York Post reports, matching an identical salary reduction for management and non-union employees that went into effect April 1.

The cut is estimated to save the company $4.5 million, and will remain in effect until the end of 2009.

By voting for the salary reduction, the company says 80 jobs were saved, though neither the Times nor the union have entirely ruled out the possibility of layoffs.