The Boston Globe will offer voluntary buyouts to employees as the paper looks to better position itself for the digital era, Mike Sheehan, Globe chief executive, wrote in a Friday e-mail to employees.
Sheehan’s memo did not mention the number of buyouts the Globe is seeking. The memo said, however, that the terms of the buyouts will be “generous by any standard.”
In a separate e-mail, Globe editor Brian McGrory wrote: “There’s no set number we’re trying to achieve. Most significantly, it’s not meant as a cost-cutting exercise in the newsroom. In fact, when all is said and done, I don’t expect staffing levels here to change much, if at all.”
In his memo, Sheehan noted that since January 2013, the Globe has added 250 employees.
“These key hires are helping us create a media property whose commitment to excellence in journalism is second to none in New England, and on par with the best in the business globally,” Sheehan wrote.
Over the last decade, newspapers have been losing readers and advertising dollars to Internet competitors.
In such an environment, the Globe needs to adapt and change “with financial discipline and rigor,” Sheehan wrote.
The Globe’s mission of creating award-winning journalism can be continued only by creating “a business model that’s sound and eminently sustainable,” he added.
Employees selected for a buyout offer will receive a letter at home over the next few days outlining specific terms, Sheehan said.
July 2012 was the last time that the Globe offered buyouts on a large scale. At that time, the Globe said it would offer buyouts to 43 advertising and editorial employees.
Businessman John W. Henry completed his purchase of The Boston Globe from The New York Times Co. in October. Henry, principal owner of the Boston Red Sox and other sports enterprises, agreed last August to buy the Globe, its websites, and affiliated news businesses, and the Worcester Telegram & Gazette for $70 million in cash.