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New York Times to Axe Stand-Alone City Section

The New York Times is further trimming its content, eliminating several weekly sections, including its stand-alone City Section.

The Friday Escapes section may be on the outs, as well, and there are plans to eighty-six the regional weeklies in New Jersey, Long Island, Westchester and Connecticut, sources told the New York Observer.

The move is an effort to trim freelance costs, and follows recent salary cuts.

The paper, like the rest of the industry, is suffering from declining ad revenue and circulation. It also faces $1.1 billion in debt coming due in the next few years. To raise cash and pay down the debt, the company closed on a deal to sell the space it occupies in its Manhattan headquarters for $225 million to W.P. Carey & Co., a New York-based real estate investment bank, earlier this month, writes Bloomberg.

The Times may buy back its stake in 2019 for $250 million.

The company’s financial situation has also improved since billionaire investor Carlos Slim Helu stepped forward and invested $250 million.