Star-Ledger, NJ’s largest newspaper, offers buyouts to stem losses estimated at $10M in 2010

Largest NJ newspaper offers buyouts to cut losses

NEWARK, N.J. — New Jersey’s largest newspaper is offering more buyouts to employees as it faces mounting financial pressure.

In a memo to employees, the publisher of The Star-Ledger of Newark says the newspaper is expected to lose about $10 million this year. The newspaper lost about $9 million last year.

Publisher Richard Vezza writes that full-time employees will be offered a buyout that will pay them one year’s salary plus medical benefits. Employees will have 45 days to make a decision.

Employees hired before Jan. 1, 2006 will be eligible. In an interview Tuesday, Vezza said he hasn’t set a target number for the buyouts.

Vezza also wrote in the memo that salaries would be adjusted and some job duties could be combined.

In 2008, more than 300 employees took buyouts.

(This version CORRECTS that Vezza said in an interview that there isn’t a target number for buyouts instead of in a memo.)