NY Times Cutting 500 Jobs

The New York Times just announced on Tuesday that it plans to cut 500 jobs. This constitutes about 4 percent of the newspaper's work force. Apparently, it is another step in the continuous efforts being made to reduce costs. Not only that, but the NY Times has already cut 200 jobs earlier this year. The Times also has a New England branch, which will see the elimination of 160 jobs from The Boston Globe and The Worcester Telegram and Gazette. The newspaper didn't provide a breakdown of these particular job cuts. On the very same day, The Philadelphia Inquirer and the Philadelphia Daily News announced plans to cut 100 newsroom jobs because of lower circulation and revenue. These days, it seems that a lot of us get our news information from channels like CNN and FoxNews, radio, and the Internet. We no longer have to rely solely on newspapers. Are these new mediums of communication slowly making the need for newspapers obsolete, and if so, what will this mean for the job market with respect to journalism? If newspaper jobs are lost, where might new ones be created?