Here are more details on today's announcement:

Who is being offered the buyout?
Full-time Guild-covered employees in both The Inquirer and Daily News newsrooms.

How many positions will be impacted?
About 75 positions in The Inquirer newsroom and about 25 in the Daily News.

Will any applicants for the buyout be rejected?
We reserve the right to reject any applicant, but will try to accommodate eligible employees who raise their hand.

If the number is not achieved through buyouts, will there be layoffs and, if so, who will be impacted?
We need to achieve the targeted expense reductions and hope to achieve much of the savings through the voluntary program. However, if there are not enough subscribers to the buyout, there will be newsroom layoffs.

We are going to take it one step at a time. At the conclusion of the buyout period, we will assess the situation and determine which specific job categories will be affected by further reductions. We will then notify the Guild of the impacted positions and enter into discussions with them as required in the Guild contract.

When will you know if there are enough volunteers for the buyout?
The 45-day period to consider the buyout ends on Nov. 4, 2005. Shortly thereafter, we will determine if layoffs are necessary and if so, which specific job categories will be affected. The affected employees will receive 30-days notice, as called for in the Guild contract.

Can newsroom employees apply for jobs at other Knight Ridder papers or elsewhere in PNI?
Yes, though a buyout will not be paid to employees who transfer to other KR papers. Applicants will be interviewed along with other candidates and selection will be based on qualifications.

Human Resources Vice President Dave Vidovich will work with any newsroom employee who wants to consider another position. I'm also willing to meet with anyone who would like to discuss other opportunities.

Over the next few weeks, I will also be holding a number of coffee break meetings with newsroom employees. A schedule for those sessions will be distributed shortly. Call my assistant, Eileen Coleman, if you would like to attend one or meet with me individually.

Will the buyout only be offered to Guild-covered newsroom employees or are independent newsroom employees eligible as well?
The buyout will only be offered to full-time Guild-covered employees in the newsrooms; however, we will consider requests from independent newsroom employees as well.

Will you take interested individuals outside the newsrooms?
This program is for newsroom employees only. At the same time, we continue to seek expense reductions in other parts of our operation.

What are the terms of the buyout offer?
Details are spelled out in the separation agreement and announcement that will be distributed to eligible employees today. Specific questions on the terms of the buyout should be directed to Human Resources.

The last day worked for those accepting the buyout will be November 18.

Memo from Daily News editor Michael Days:

To the Staff:

It's a lousy day.

Your respective department heads are starting now to distribute buyout offers to all of you who are full-time Guild-covered employees.

The goal is to reduce our staff by about 25 employees before the end of the year. The Inky's goal is about 75 staffers.

We've gotten to this point largely because PNI increasingly finds itself in a tougher environment in which to do business.

Because a decision to take a buyout is a very personal choice, we're foregoing a staff meeting and plunging right into small-group meetings and one-on-one conversations with anyone who believes he or she might be interested. Department heads will be talking about the buyouts as they distribute the packages.

In addition, I along with Wendy, Pat, Debi and Frank have cleared our calendars to talk with our folk about the buyouts and the related matters. No need for an appointment. Just walk in.

Joe is also scheduling a number of coffee-break meetings with newsroom employees. Call his assistant Eileen Coleman if you would like to attend one or meet with him individually.

Yes, I know how disruptive this process is. All of us have pledged our careers to giving birth each day to this exceptional tab that is both essential and fun to our readers, so anything that gets in the way of that is just plain awful.

Having said that, none of this should be misconstrued as a death knell. The Daily News is not closing.

With a smaller staff we will have to refocus our priorities and restructure our operations. That process is already underway, and I welcome your suggestions. I am not suggesting it will be easy, but I've been here long enough to know that our collective DNA forbids us from doing anything other than quality work.

Mike

Update: And a short one from Inky editor Amanda Bennett, who apparently ignored the fact that everyone already knew about the buyouts:

-----Original Message-----

From: Bennett, Amanda
To: Inquirer
Sent: 9/20/2005 10:30 AM

Please gather in the public room on the first floor for a meeting at 11 a.m. Joe Natoli and I want to address the staff about current issues.

What does this all mean? Well, it means that 75 people who work at a good newspaper and 25 people who work at another good newspaper are going to lose their jobs. I don't know if either paper, at this point, can really cut much fat -- especially the Daily News. You never want to see people in the newspaper business lose their jobs when you also work in the newspaper business, but, hey, I guess it's the business.

As long as they keep Joe Sixpack's weekly beer column, the world will be OK. I think.