L.A. Times to furlough workers as ad revenue is 'nearly eliminated'
The company will also suspend its 401 match for non-union workers, according to a company memo sent by Chris Argentieri, president of the California Times.
The news comes on the same day that Valence Media, the corporate parent of Billboard and The Hollywood Reporter,At the Times, the furloughs are set to begin on April 19 and will last up to 16 weeks, according to the memo. Senior managers on the business side and the editorial side will take pay cuts of 5% to 15% for 12 weeks.
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