The Tampa Bay Times announced significant staff cuts this week, with about 60 jobs or 20% of its workforce slated for elimination. This news comes as the company grapples with a financial situation where meeting savings goals has been imperative. Revenues have not aligned with the forecasts of their 2024 business plan, and the print advertising revenue, a traditional stalwart, hasn't lived up to expectations.
In pursuit of reducing operational overhead in light of disappointing figures, Tampa Bay Times CEO and president Conan Gallaty outlined a buyout package for the company's 270-member staff, which includes around 100 journalists. Facing the severe measure laid out in a letter to employees, staff members are under pressure, offered until August 16 to decide – either take a buyout or face layoffs. The proposed buyout includes an additional four weeks of severance pay, capping at a total of 12 weeks according to details shared by the Poynter Institute.
Gallaty, addressing the staff, mentioned, "We remain committed to finding a viable path for great local journalism. While unfortunate, these changes will help the Tampa Bay Times become a more focused and resilient news organization," as quoted in a statement obtained by Creative Loafing Tampa Bay. The adjustment comes as the company notes digital revenue growth hasn't compensated for the shortfall in print circulation and advertising.
As part of the company-wide restructuring, Gallaty, who succeeded Paul Tash in 2022, also announced a personal salary reduction of 20% and top executives will see their pay cut by 10%. A vow to make product changes later this year has been made by Gallaty, which staff hope will aid the paper's transition and stability, but specifics remain undisclosed.
