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Tom Oliphant: NY Times' Trouble Like Ford's
Longtime Boston Globe columnist Tom Oliphant announced Tuesday morning that he was accepting a buyout package from the Globe's parent company, the New York Times - explaining that newspaper industry layoffs are not unlike what's happening at the embattled Ford Motor Company. "The Ford situation is not unlike the newspaper situation," Oliphant told radio host Don Imus. "The problem, apparently, is not that these companies aren't making money. They make a lot of money. It's that in the view of Wall Street they don't make enough money." Ford shocked the business world on Monday by announcing that it was laying off 30,000 employees in North America. Oliphant said that while the bottom line trouble at the Times "isn't as bad as Ford . . . it's part of what's sort of going on more broadly in America right now. And that is - eating the seed corn. There are a lot of companies that are under cost pressures."
Story Continues Below As for his own situation, Oliphant said that the Times "put this gigantic pot of money on the table last month . . . I guess one way to have higher profit margins is to try to figure out a way to bribe old people like me into taking a walk." He said there were "about 150 or so" people at the Times and Globe who accepted buyout packages.
Editor's note:
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