Globe and Mail offers voluntary buyouts in effort to save $10M annually

The Globe and Mail has offered its employees a voluntary severance program in an effort to cut costs.

Globe employees were told Wednesday that the newspaper is looking to cut $10 million annually from its operating budget.

A Globe spokeswoman says employees have until May 29 to enrol in the voluntary program and the company will decide in July if involuntary layoffs are necessary.

The Globe and Mail last offered voluntary severance to its employees in 2016.

The Globe and Mail is wholly owned by the Woodbridge Company Ltd., a private holding company that acts as the primary investment vehicle for Toronto’s billionaire Thomson family.