Newsweek Buyouts/Job Cuts Intro

NewsweekDoes it say anything when, more than 24 hours after news of Newsweek‘s massive employee buyouts leaked out (note: this links to our coverage from Monday), the Post has covered the story but the Times still has not?

Probably. But in any case, here’s what we took home from Keith Kelly and the Post‘s examination of the buyout:

1. Employees jumped at the opportunity to leave Newsweek: “Newsweek executives originally were hoping that 85 staffers would accept the packages, but apparently after offers went out to 145 eligible people, 111 accepted the packages as of Friday’s deadline. The buyout offers include two years of paid salary.”

2. There’s always spin: “Confronting the challenges in today’s media climate, we recently offered a voluntary retirement program to some of our employees,” said Newsweek Editor Jon Meacham, who confirmed that fewer than half of the buyouts came from the editorial side.

“We were fortunate to be able to provide generous packages for eligible staffers who wanted to move on, while also saving on some of our existing expenses,” he said.”

3. These are ad-poor times for Newsweek: “In the first quarter of 2008, Newsweek saw its ad pages tumble 19.3 percent to 318.3, said to Media Industry Newsletter.”