The company, which called the job cull a "targeted staff reduction programme", said that about two-thirds of the cuts will occur at the New York Times newspaper. The rest of the job losses are at the New England Media Group, which includes the Boston Globe and the Worcester Telegram & Gazette.
The New York Times' newsroom will see around 24 jobs disappear, with a voluntary redundancy programme taking place.
In 2001, the company slashed 1,200 jobs -- about 9% of its staff. The new job cuts represent less than 2% of the existing workforce.
In a statement, the company said that job losses will be "carefully managed so that they do not adversely affect journalistic quality, the smooth functioning of the company's daily operations and the ability to achieve its long-term strategic goals".
The company's shares were down 62 cents at $31.90 in New York Stock Exchange on Wednesday afternoon, after the news, and fell a further 26 cents on Thursday to close at £31.64.
It blamed the job cuts on weakness in telecommunications and banking advertising, where earnings fell from $58.4m last year to $43.2m.
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