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DALLAS (AFX) - The Dallas Morning News said Thursday it expects 85 newsroom employees to accept voluntary severance packages and that layoffs are possible if not enough workers accept the buyouts.
The flagship paper of Dallas-based Belo Corp. said the reductions are part of an effort to change print and Internet products to meet changes in the way consumers and advertisers use media.
The buyouts are being offered to almost all newsroom workers. If 85 people took the offer, that would represent nearly one-fifth of the newspaper's editorial employees.
Belo shares rose 34 cents, or 2.2 percent, to close at $16.09 on the New York Stock Market. They have fallen nearly 25 percent this year.
The offers include two weeks of base pay for each year of employment up to 15 years and three weeks of base pay for each additional year of work. The paper also offered an additional payment equal to 12 months of health care premiums.
Jim Moroney, the newspaper's publisher and chief executive, said the Morning News was "shifting resources to meet evolving reader and consumer needs."
"Continual change is the new constant in our business, but it is not for everyone," he said. "Therefore, we are offering a voluntary severance package to those who may prefer another work environment."
Eligible employees will get offers over the next two weeks and can accept during the last week in August. The paper said Sept. 15 would be the last day of work for most employees who take the severance payments.
The Morning News said it plans to emphasize more local content. Another Belo newspaper, The Press-Enterprise in Riverside, Calif., cut 80 jobs and created 30 new ones in May under a plan to bolster local news and Internet offerings.
Belo also owns The Providence (R.I.) Journal, the Denton (Texas) Record-Chronicle and 19 television stations. Belo's newspaper revenue grew more slowly than TV revenue in the second quarter. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
