Maybe President-elect Donald Trump was onto something when he called it the “failing New York Times” all of those times?

From Politico:

The New York Times will vacate at least eight floors in its midtown Manhattan headquarters as part of an extensive redesign and consolidation of its newsroom and office space. Executives at the company said in a memo Friday that the move will save money, generate rental income and increase newsroom collaboration.

“We’ve made the decision to consolidate our footprint across the building to create a more dynamic, modern and open workplace, one that is better suited to the moment,” Publisher Arthur Sulzberger Jr. and President and CEO Mark Thompson wrote in a note to Times employees Friday. “We’re planning significant investments in a redesign of our existing space in order to facilitate more cross-departmental collaboration. We expect a substantial financial benefit as well. All told, we will vacate at least eight floors, allowing us to generate significant rental income.”

And so much for adding staff to handle all the new subscribers:

Times brass can spin this however they want, but it’s not good news:

But at least the suits at the top will suffer. Well, a little bit: