NEW YORK – The New York Times Co. (NYT) will narrow the size of its flagship newspaper and close its printing operation in New Jersey, resulting in the loss of 250 production jobs, the company said Tuesday.
In a separate development, the Times said Chief Financial Officer Leonard Forman plans to retire in 2007 after the company names a successor.
The Times will join a growing list of publishers, from The Washington Post to the Los Angeles Times, that have reduced their size to cut newsprint and other production costs and try to stem a loss of readers and advertising to the Internet and other media.
The company will sublet its plant in Edison, New Jersey, and consolidate its regional printing facilities at a plant in Queens, New York, it said in a statement.
The New York Times newspaper will be narrower by 1.5 inches.
The company expects to complete the changes by the second quarter of 2008, it said.
"The New York Times editorial and design staffs are exploring opportunities for adapting the Times's signature look and feel while also making the paper more user-friendly," Chief Executive Janet Robinson said in the statement.
Capital expenditures for the consolidation and redesign are expected to total about $150 million, the company said. The New York Times also expects the changes to result in savings of $42 million.
The narrower format, offset by some additional pages, will reduce the space the paper has for news by 5 percent, Executive Editor Bill Keller said in an article posted late Monday on the New York Times Web site.
The company also said that it has hired an executive search firm to find a successor to Forman.
Forman was president of The New York Times Co. Magazine Group from 1998 until it was sold in 2001, according to a biography on the company's Web site. He was senior vice president for corporate development, new ventures and electronic businesses from 1996 to 1998.
He also worked for the Times Co. as director of corporate planning and chief economist from 1974 to 1986.