Employees at the Los Angeles Times have until Oct. 23 to apply for the new buyout offer unveiled today and being sent to homes this week. Just about everyone on staff for at least a year is eligible to apply. It comes with a big inducement for older staffers. If you are still working at the paper on Dec. 31, you will no longer receive any retiree medical coverage should you stay at the paper long enough to retire. If you leave before Dec. 31, you will get the previously promised retiree medical coverage (for as long as the company still offers that benefit.)

This is for all of the Tribune Publishing's newspapers and there's no attempt to hide that this is about reducing costs. The company's stock price is in the tank and revenues are down, especially in Los Angeles, apparently. I expect to see a lot of more senior LAT staffers take this buyout, especially now with the retirement inducement. Apparently the severance portion will be paid out as salary rather than as a lump sum, so the tax bite is lessened and health benefits are retained during the payout time. If I am reading that correctly. It's unknown exactly how many people the LA Times will allow to leave, but speculation is that the target dollar figure adds up to between 50 and 80 positions.

Meanwhile, one longtime reader who also occasionally shows up in the pages of the paper send me a note regarding today's front-page ad (above) in the printed Times: "Can subscribers take the buyout?" It's the first example, I guess, of the kind of front page intrusion that new publisher Timothy Ryan is going to allow. Hey why complain? There are still three stories on the page.

Here is the announcement from Tribune Publishing CEO Jack Griffin, then from the company's HR person.

From: Jack Griffin

Sent: Monday, October 05, 2015 9:05 AM

Subject: Employee Voluntary Separation Program



Dear Tribune Publishing Employees: Today we are announcing a Voluntary Separation Program for our employees. We are doing so now to allow employees to make decisions about their own personal and professional situations at a time when the company must continue to execute on its strategic plan, which includes reducing costs. The senior management team and I recognize that each employee makes important contributions to our company. At the same time, in the challenging revenue environment that all publishing companies face, it is critical that we make hard decisions and take the necessary steps that continue to position Tribune Publishing Company for success over the long term. Tribune Publishing is built on and committed to quality journalism and premium content. In our short history as an independent public company, our newspaper brands have been recognized for journalistic excellence and commitment to their local communities, including two Pulitzer Prizes at the Los Angeles Times and honorable mentions for the Chicago Tribune and The Baltimore Sun. And as you may have read last week, The Sun recently received recognition from the Online News Association for its outstanding digital coverage of recent events in Baltimore. Concurrently, we are investing in digital products, technology and talent to move the company forward. To accomplish and continue this, we must adapt our current cost structure and business model to meet changing times. This is the rationale behind the Employee Voluntary Separation Program. We recognize and appreciate that the decision whether to participate in the plan is a difficult one. Our Human Resources team stands ready to support you in the decision-making process. Any non-union employee with more than one year of service will be eligible to participate in the program. Eligible employees will receive a personalized and detailed packet within the next five business days, and will have until October 23rd to decide whether to apply for the plan. Cindy Ballard, our head of Human Resources, will send a separate note today with further information. As the company enters the important fourth quarter, we appreciate the continued focus and dedication our teams are already demonstrating to deliver results for all our stakeholders. Thank you for your hard work during this time and for your ongoing commitment to the success of our company. Jack



And from HR: