“Today’s decision is painful for all, but it is imperative that we act urgently and take steps to build a sustainable and thriving paper for the next generation,” owner Patrick Soon-Shiong said, according to the paper. The Times, like many legacy media, has struggled to adapt to the economics of the online world, particularly the loss of advertising revenue and dwindling subscriber numbers. Unionized journalists at the Times walked off the job last week when reports first emerged that managers were considering drastic cuts. Soon-Shiong said the walk-out “did not help” and he expressed disappointment that the newsroom guild had not partnered with managers to find ways to save jobs.
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