Memo to Record Company Execs

Don’t be afraid to fly coach when your business is tanking. Take a page from Bill Keller, the Executive Editor of the New York Times:

The Times offered buyouts and cut a small number of newsroom employees earlier this year. It also is leaving some positions open.

Those kinds of cuts are rare the Times, which employs more than 1,000 people in its news operation. That number was once common to large dailies, but is shrinking at many papers as advertising revenue declines force cutbacks.

Keller told employees they will have to live on the lean side. “A deep, sustained recession will mean the search for savings and the quest for new revenues continues, that there will be no luxuries and little comfort.”

The same goes for him, Keller noted. “I was flying back from California the week before last and by chance I was seated next to someone from the advertising department of the Times. (In economy class, for the record),” he said.

You can read the entire story right here.


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