The New York Times is planning to vacate “at least eight floors” in its Manhattan headquarters as part of a plan to cut costs, generate rental income, and redesign office space, according to an internal memo.
In a message to company employees, CEO Mark Thompson said that the company had “made the decision to consolidate our footprint across the building to create a more dynamic, modern and open workplace, one that is better suited to the moment.”
“We’re planning significant investments in a redesign of our existing space in order to facilitate more cross-departmental collaboration. We expect a substantial financial benefit as well. All told, we will vacate at least eight floors, allowing us to generate significant rental income,” he continued.
The memo also confirmed that the near 400 employees currently stationed in the floors soon to be vacated will be moved to a temporary location until the end of 2017, when the redesign will be completed.
The retrenchment effort comes a month after the New York Times announced a 95.7 percent fall in quarterly profit, something which they attributed to restructuring changes related to headcount reductions.
Last week, when delivering a speech on the perceived problem of “fake news,” Thompson made a pitch for new subscribers, claiming that “if you want real journalism, you as a consumer will have to pay for it. So subscribe. Subscribe to your local paper, or The New York Times.”