Updated: We've heard solid rumors that editors and managers at the New York Times are being told they will be taking a 5% pay cut and the paper is asking for similar cuts from newsroom employees.

There was a meeting on this this morning, which may still be going on. One source tells us that the NYT is asking managers to take a 5% pay cut. If pay cuts don't go through, we hear, there are threats of layoffs. Other ideas being floated are mandatory unpaid furloughs, and cutting the paper's freelance budget.

The Newspaper Guild, the union which represents Times newsroom employees, would have to sign off on any pay cuts for Guild members. Grant Glickson, the grievance representative for the Guild, said the union hasn't heard anything from the Times, but the company has asked for a meeting at 2:30pm today. "But we haven't been told what it's about," he said.

None of this is confirmed so far, but if it happens, the news should be out shortly. We have emailed the NYT for comment, and we'll let you know what we hear. In the meantime, if you know more, email us.