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The New York Times building. Photo: Eduardo MunozAlvarez/VIEWpress/Corbis via Getty Images

The New York Times has laid off 68 people, mostly on its advertising team, the company said in an internal memo to employees Tuesday, obtained by Axios. There were no layoffs in the company's newsroom or opinion sections.

Context: The company alluded to layoffs in its ad sales division in May amid the economic upheaval caused by the novel coronavirus pandemic.

Details: Most of the staff eliminations come from The Times' ad sales team, as well as from its experiential marketing agency Fake Love, which the company previously announced it was closing after its acquisition in 2016, according to a note to staff from Times CEO Mark Thompson and COO Meredith Levien that went out late Tuesday.

  • According to the memo, the company has created a special package to support departing employees that includes a minimum of 16 weeks of severance and medical benefits, a $6,000 payment to help with job transition costs, such as a new laptop or COBRA expenses, and six months of outplacement services.

Be smart: In the memo, Thompson and Levien concede that while the cuts are driven by the pandemic, they also "reflect long-term trends in our business and are fully consistent with the company’s strategy."

  • The Times in recent years has transitioned most of its revenue from corporate advertising to consumer subscriptions.
  • The company said during its first quarter earnings report in May that it saw more than a half-million new subscribers — roughly double the amount of net new subscriptions that it typically sees in any given quarter.
  • But it also conceded that despite the fact that more people are hungry for news, the company expected to bring in less ad revenue this quarter due to the pandemic.

The big picture: Dozens of publishers have had to take drastic measures, including layoffs, pay cuts and furloughs, to survive the advertising losses driven by corporate uncertainty related to the coronavirus.

  • The New York Times was one of the first major publishers to concede in a government filing in March that it expected global advertising revenue to be down.

Go deeper: NYT reports record new subscriptions, warns of major ad losses

Go deeper

Massive layoffs hit Disney theme parks

A person posing for a photo in front of the iconic Disney castle at Disneyland Resort in Hong Kong on Sept, 25. Photo: Miguel Candela Poblacion/Anadolu Agency via Getty Images

Disney is laying off 28,000 workers at its theme parks and experiences and consumer products divisions, the company said in a statement Tuesday.

Why it matters: The coronavirus pandemic has forced the company to close its California theme parks and limit attendance at re-opened parks elsewhere around the U.S. Around 67% of the 28,000 laid off workers are part-time employees, according to Josh D’Amaro, chairman of Disney's parks, experiences and products division.

Rep. Rice demands Cuomo resign after third woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.