New York Times Co. is offering buyouts to its employees aimed at reducing its editing staff.

The company expects to record $17 million in costs related to the buyouts in the second quarter, and as much as an additional $6 million in the third quarter.

The buyouts will include a cash payout, outplacement services and other benefits. In a staff memo, the Times' executive and managing editors said cost savings following the buyouts will help fund the hiring of additional reporters, though they also cautioned that layoffs could follow if not enough editors accepted buyouts.