The New York Times (NYT) will be cutting its newsroom by 100, or around 8%, reports the New York Times.

The company will offer buyouts starting Thursday. Employees have 45 days to decide whether or not to apply.

See reactions from the newsroom >

Buyouts deliver two weeks of salary for each year of service at the paper.

If the Times' doesn't receive 100 buyout applications, executive editor, Bill Keller says, "we will be forced to go to layoffs."

This is similar to a buyout program the paper rolled out in Spring of 2008, which was followed by assurances that there would be no more cuts.

Here's the letter from Bill Keller, via the Observer:

I had planned to invite you to the newsroom and break this news in person today, but I've been hit by something that seems to be the flu. Though I strongly believe in delivering bad news in person, I don't want to add insult to injury by spreading infection.

Let me cut to the chase: We have been told to reduce the newsroom by 100 positions between now and the end of the year.

We hope to accomplish this by offering voluntary buyouts. On Thursday, the Company will be sending buyout offers to everyone in the newsroom. Getting a buyout package does NOT mean we want you to leave. It is simply easier to send the envelopes to everyone. If you think a buyout may be right for you, you have up to 45 days to decide whether you will accept it or not.

As before, if we do not reach 100 positions through buyouts, we will be forced to go to layoffs. I hope that won't happen, but it might.

Our colleagues in editorial and op-ed, and on the business side, also face another round of budget cuts.

In recent years, we've managed to avoid the disabling cutbacks that have hit other newsrooms. The Company has chosen to protect the journalism by cutting production and other business-side costs, and the newsroom itself has managed its resources frugally. These latest cuts will still leave us with the largest, strongest and most ambitious editorial staff of any newsroom in the country, if not the world.

I won't pretend that these staff cuts will not add to the burdens of journalists whose responsibilities have grown faster than their compensation. But we've been looking hard at ways to minimize the impact -- in part, by re-engineering some of our copy flow. I won't promise this will be easy or painless, but I believe we can weather these cuts without seriously compromising our commitment to coverage of the region, the country and the world. We will remain the single best news organization on earth.

I doubt that anyone is shocked by the fact of this, but it is happening sooner than anyone anticipated. When we took our 5 percent pay cuts, it was in the hope that this would fend off the need for more staff cuts this year. But I accept that if it's going to happen, it should be done quickly. We will get through this and move on.

In my absence, Bill Schmidt and John and Jill have volunteered to take your questions this afternoon. Feel free to bring additional questions to me as soon as I'm back, or check with Bill Schmidt or John or Jill privately, or save them for the next Throw Stuff at Bill session, which is in a couple of weeks.

We often -- and rightly -- voice our gratitude that we work for a company and a family that prize quality journalism above all. I hope you know that the company and the family, and I, feel an equal debt of gratitude to all of you whose sacrifice and loyalty have kept us strong.

Like you, I yearn for the day when we can do our jobs without looking over our shoulders for economic thunderstorms.

Bill

See the reactions from the newsroom >