Both The New York Times Co. and The Washington Post Co. have announced cost-cutting strategies that include layoffs, pay-cuts and buyouts, Bloomberg reported.

The Times Co. said it will cut a total of 100 positions on the business side of the company as well as implement salary cuts of up to 5 percent for the rest of the year. The Times Co.'s pay cuts will affect non-union employees of The New York Times, Boston Globe and the papers' Web sites, along with corporate executives.

An article posted by SFN partner site, the Editors Weblog, reports that employees have been offered 10 extra holiday days this year in exchange for the pay cut, which blurs the lines between what the company calls cutbacks, and what could be seen as forced unpaid leave.

According to a memo issued by Publisher Arthur Sulzberger and CEO Janet Robinson, the salaries could be restored next year depending on "the state of our business," Bloomberg reported. Other divisions of The Times Co. will impose salary reductions of 2.5 percent for non-union workers, in exchange for five additional days off.

A memo addressed to employees by Post Publisher Katharine Weymouth announced a voluntary buyout programme to an undisclosed amount of employees. The Post's production staff will see the most job cuts under the new cost reduction plan, as the newspaper also plans to close one of its printing plants, according to Bloomberg.

In a letter to shareholders, Post CEO Donald Graham said the company expected to lose "substantial money" this year.