So It Begins: New York Times to Vacate 8 Floors at HQ

Tries to Generate Significant Rental Revenue

NYT

The New York Times executives Mark Thompson and Arthur Sulzberger announced via an internal memo that the newspaper will vacate (at least) eight floors in its iconic Manhattan headquarters as part of cost-cutting plan. The move is aimed at generating additional rental income, together with redesigning office space.

In case you don’t know or you don’t remember, the NYT reported recently that their campaign for boosting income via selling subscriptions during the newspaper’s vicious war with Donald Trump was an incredible success. However, judging from today’s announcement, it looks like the subscriptions were for the crossword puzzle, as NYT’s execs said that”

“It’s frankly too expensive to occupy so many floors when we don’t really need them.”

The lesson to be taken home from the mainstream media giant’s actions from last year is that when the newspaper model fails, you just pivot into a real estate investment trust, right?

The NYT’s remaining staff currently stationed in these 8 floors (we’re talking about almost 400 employees) will soon be moved to a temporary location, where they’ll stay until the end of next year, when the re-design of the office space will be finished.

The floors will be re-designed in a manner which is said to be more modern and more dynamic, some sort of an open workplace which is better suited to the current situation.

Furthermore, New York Times’s CEO and publisher will no longer benefit from their corner offices, which were deemed by today’s internal memo as “vestiges from a different era” (when presumably journalism was about reporting facts). Also, common spaces and team rooms will be introduced in the near future, whatever that means.

It’s not clear yet if the New York Times will slash its work force as part of their latest cost cutting endeavor. However, the internal memo adds:

“In the end, these changes will impact every employee at 620 Eighth Ave. In the near term, we will have to move about 400 employees out of the building to nearby office space while the first phase of work is completed. We expect that group, which includes parts of marketing, technology, the newsroom, news services, corporate finance and print products and services pre-press operations, to move in the first quarter and return by the end of 2017. Your manager will notify you if your position is affected by this temporary move. We understand and appreciate the disruption this will inevitably cause and we will do everything in our power to mitigate it.”

But it doesn’t matter anyway, right, because subscriptions are soaring, everything will be alright, we promise. The soon to be vacant space could be occupied in the future by Facebook’s fact checking teams, don’t you think?

Source: Politico