03.09.20 - Two years ago, billionaire Patrick Soon-Shiong bought the LA Times in the hopes of turning the embattled newspaper around. Today, the LA Times is offering its staff voluntary buyouts.
The California Times, the parent company, announced in an email to its staff their intentions to offer voluntary buyout packages to employees who have been with the organization for multiple years.
"Since the transition to local ownership, we have invested more than $100 million in staff, technology and infrastructure, and as we continue our transformation of the Times, we shall continue to invest," the email states. "We know that to build a sustainable business and ensure our ability to provide vital journalism for decades to come, we need to move swiftly to make our product more digital, more nimble, and more attractive to loyal and new audiences. Buyouts will help us accelerate this process."
The company has assured its staff that they are not planning for any layoffs.
"The buyout offer is intended to give us a little more flexibility to create and hire new roles, and to give some staffers who are looking to make a change an opportunity to leave on their own terms," Times spokesperson Hillary Manning told CNN. "This is one step of many as we further the transformation of the company. We are committed to investing in areas that strengthen our ability to compete, grow revenue and produce vital journalism in the public interest."