RICHMOND, VA (WWBT) - The Richmond Times-Dispatch is making changes for 2018, which include increasing newsstand and subscription prices, the newspaper said on Wednesday.
On Tuesday, the Times-Dispatch eliminated 21 positions, which included laying off nine people. Tom Silvestri, publisher and president of the Times-Dispatch, said this is due to retailers buying more advertisement space online than in the paper.
"It pains us to take this action. Departing employees will receive severance commensurate with their years of service as a bridge to their next chapter. We wish them all well," said Silvestri in a letter to readers.
As a result, the paper announced it will be shifting from relying on ad-based revenue to relying on subscription and newsstand revenue. That means those purchasing a single-copy Monday-Saturday newspaper will pay $2, and those purchasing the Sunday version will pay $3. The prices will go into effect in March.
Silvestri said it will cost subscribers who receive a paper each day at least $1 per issue, which is still cheaper than the newsstand price.
"Rest assured, we are not increasing subscription prices to make more profits. We're doing it to pay for excellent news reporting, products and services," Silvestri said.
Click here to read the full statement from Silvestri.
Copyright 2018 WWBT NBC12. All rights reserved.