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Update, 11:20 AM EST: Faced with massive budget cuts, The New Orleans Times-Picayune will cut back its frequency to three days a week starting in the fall. In a memo to the staff of the Newhouse publication posted on Jim Romenekso's blog, notes that "this fall, The Times-Picayune will begin publishing a more robust newspaper on a reduced schedule of Wednesdays, Fridays and Sundays only."

Original Item: The New Orleans Times-Picayune is facing massive budget cuts, including "wholesale layoffs" and a reduction in the publishing schedule that would leave the city without a daily print newspaper. The report from David Carr of The New York Times says that the paper's owner, Newhouse Newspapers, will likely cut the publishing days to two or three a week and replace or let go many of its top editors. According to the website Best of New Orleans, reporters who do stay will face "sharp salary cuts" and be expected to post most of their content online at the paper's website, Nola.com.

Current staff members say they learned of the news through The New York Times report or via Twitter. The cuts are being compared to Newhouse's treament of the Ann Arbor News, which was shuttered several years ago (after 174 years of publication) and is now only available online. The company famously claimed a "no layoffs" policy for years, but rescinded that rule in 2010.