Journalists are news companies’ most valuable assets.
That’s what Mike Arrington asserts, and I think he’s right (disregard the “failing old media” rhetoric):
And earlier today I got a glimpse at what AOL is up to – they are hiring all the journalists being fired and laid off by the newspapers and magazines. And they now have a news room 1,500 journalists and editors strong. Amazingly, failing old media is throwing away their most valuable assets. And AOL is eagerly picking those assets up for a song. Before anyone knows it, AOL may be the most powerful news outlet in the world.
Given that NYT has gone to great lengths to avoid newsroom layoffs, I suspect they know full well how valuable their journalists are.