Instead of laying off people on the basis of seniority, use the crisis to get rid of long-time poor performers -- the newsroom is still full of them. Even though things have improved greatly since Beryl Love came to town, he's not quite done fixing the results of decades of mediocre management.
I would reduce the number of top executives and realign my assets at the street level to improve revenue. No more fat bonuses for big dogs that have lost their connection to reality.