The company will also suspend its 401 (k) match for non-union workers, according to a company note sent by Chris Argentieri, president of the California Times.
“Due to the unexpected effects of COVID-19, our advertising revenues have almost been eliminated,” writes Argentieri. “Although we have made significant progress in growing our digital subscriber base and developing other sources of income, this is still not enough to make up for the losses. The economy is in crisis and it has become clear that we must make difficult changes to meet this challenge. “
The news came the same day that Valence Media, the parent company of Billboard and The Hollywood Reporter, began a series of layoffs due to the pandemic.
The Times says vacation will begin on April 19 and will last up to 16 weeks, the memo said. Senior executives on the corporate and editorial sides will benefit from salary cuts of 5% to 15% for 12 weeks.
The announcement did not affect workers covered by the Los Angeles Times Guild, which represents employees of newsrooms.
“We will meet with union representatives to determine the cost savings initiatives that could be implemented, regarding the employees represented and existing contracts,” said Argentieri in the note.
The guild issued a statement on Twitter, saying he was “troubled” to learn about the cost-cutting measures.
“The Guild plans to meet with management soon to learn more and to request full support for our press operations during this global emergency,” said the union.