As the Associated Press seeks to rein in staffing costs by 10 percent this year, the wire service has been offering buyouts to 263 eligible staffers, E&P reports, citing an earlier report on the News Media Guild site. Technology staffers have until June 22 to take the buyouts, while all other U.S.-based, eligible AP employees have until July 13.
For those who accept the offer, the AP will provide a $500 in cash for each year an employee has been with the wire service. It will also give a pension payout that is 14- to 16 percent higher than the amount the employee would otherwise be due. The AP has roughly 3,000 journalists on staff, with a total workforce numbering roughly 4,100 people around the globe. The buyouts come as the AP faces a changing landscape, with its newspaper members increasingly battling for survival on one end, and competitors like Reuters and Bloomberg looking to take advantage of print pubs vulnerability by offering attractive deals. All three news providers have also been working on their respective multimedia offerings are the print portion of the industry continues to decline.