Top Newspapers cutting jobs

The New York Times and two Philadelphia newspapers are announcing major job cuts as the industry comes to grips with severe financial problems that include weak advertising and circulation declines.

The Times says it will eliminate about 500 jobs whle the Philadelphia papers will cut a total of 100 jobs.

The Times job losses represent about 4-percent of their overall workforce, including 45 jobs in the newsroom.

The Philadelphia Inquirer will cut its editorial staff 15-percent with the Philadelphia Daily News cutting editorial staff 19-percent. Both are owned by Knight Ridder Inc., the nation’s second largest newspaper company.

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