An article in the Huffington Post (founded 2005) examined how New York Times (founded 1851) publisher Arthur Sulzberger Jr. recently had to lay off even more staff at the famous old newspaper company. Sulzberger is quoted as saying the layoffs are "painful." He says that the paper must "do what it needs to adapt to the rapidly changing media environment." The Huffington Post sourced reporter Joe Pompeo at Capital New York, a New York-focused digital-only publication founded 2010 and relaunched 2013. If you want the rapidly changing media environment in a nutshell, there it is.
It's an important part of the story to note that the Times is also hiring--it's a company in transition--and maintains a big newsroom despite the layoffs. In fact the newsroom is the same size as it was in 2008 with 1,330 employees. There is an emphasis at the company on video and digital offerings. You might call it keeping up with the Times.
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