Tampa Bay Times announces layoffs [Video]

ST. PETERSBURG, Fla. — Tampa Bay Times leadership on Tuesday announced it needs to cut 20% of its staff following reported “revenue challenges.”

In a letter to staff, Chairman and CEO Conan Gallaty said about 270 employees, including 100 newsroom journalists, have until mid-August to decide on a buyout package. If not enough people choose the option, layoffs will follow.

Revenue from print remains still a major and profitable factor in the paper’s finances, even though it only publishes in print on Wednesdays and Sundays, Poynter reported. While the digital side of the Times continues to grow at about a 20% annual rate, that doesn’t make a difference for the decline in print advertising revenue, Gallaty said.

In the meantime, the paper is reportedly offering a buyout package with an extra four weeks of severance pay to …