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New York Times to freeze salary hikes

Publishing firm New York Times Company has decided to freeze salary hikes for its non-union employees in the print and web sections.

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NEW YORK: Publishing firm New York Times Company has decided to freeze salary hikes for its non-union employees in the print and web sections.
    
The move by the firm, which publishes The New York Times, follows similar steps by other media entities like Tribune and the UK's Financial Times, and book publisher Macmillan USA.
    
"Advertising revenues at both the paper and the web site remain weak and the financial outlook for 2009 is daunting. For these reasons, we have decided to forgo pay increases for all non-union employees in the coming year," the company's publisher Arthur Sulzberger Jr said in an internal memo.
    
Noting that the decision to freeze wages at current levels was not taken lightly, Sulzberger said that they are aimed to control costs.
    
According to the memo, for all its aggressive efforts to streamline the businesses and to reduce expenses, including the restructuring of newspaper distribution and the Board's decision to reduce dividend, "we felt that it was essential to take this step to further control our costs during these hard times".
    
Earlier this month, the New York Times Company said it plans to borrow USD 225 million against the firm's Manhattan headquarters, mainly to ease liquidity crunch.
    
"The deepening recession and the structural changes confronting our industry continue to present us with difficult challenges," Sulzberger Jr noted.
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