Philadelphia Inquirer offers buyouts, citing revenue decline
PHILADELPHIA (AP) — The publishers of The Philadelphia Inquirer, Daily News and Philly.com are offering buyouts to staff but the threat of layoffs looms if there aren’t enough volunteers.
Philly.com reports that Philadelphia Media Network’s publisher and chief executive emailed employees Thursday.
Terrance C.Q. Egger says the decision is due to the decline in revenue for the organization, which is owned by The Lenfest Institute for Journalism, a nonprofit.
The president of the NewsGuild of Greater Philadelphia has told union members in an email the announcement is “sickening.” She says there’s a threat of layoffs if not enough staffers volunteer for buyouts.
The terms of the buyout offers weren’t available.
The news comes a day after a federal bankruptcy judge approved the sale of the Reading Eagle to Digital First Media.
Information from: The Philadelphia Inquirer, http://www.inquirer.com