The New York Times Co. announced it will change the format of its New York Times newspaper to a width of 48 inches from 54 inches and plans to cut 250 jobs due to circulation decline and weak advertising.

The changes are expected to be completed in the second quarter of 2008 and will save the company an estimated $42 million annually.

"Our research has shown that readers, particularly young readers and commuters, prefer the smaller size," says Times Chief Executive Janet Robinson.

Net income rose slightly to $61.3 million from $60.8 million in the same quarter last year.

Ad revenue at the New England Media Group, which is owned by The New York Times Co., fell more than 10 percent and circulation dropped more than seven percent. Weak print revenue was partly offset by its television stations, which grew 5.2 percent, and its About.com online information network unit, which jumped almost 63 percent.

"This is another smart move by the NY Times. Cost increases in paper, ink, fuel and labor, combined with flattening revenue and circulation declines are forcing the newspaper industry to reduce expenses and operate more efficiently across the enterprise. In making these changes, the NY Times will emerge stronger and leaner than it was before. We applaud newspapers saving money through efficiency gains-- as long as the cuts don’t have any impact on the top flight journalism that is the lifeblood of not just the NY Times but of the industry," says Shawn Riegsecker, CEO, Centro.