SEATTLE -- The Seattle Times plans to cut its staff by about 10 percent through a combination of layoffs and buyouts.

The cuts of 130 to 150 jobs are the third staff reduction announced by the 112-year-old, family owned newspaper this year. The company hinted in an e-mail to staff Monday morning that there may be further cuts as the 2009 budgeting process continues.

The newspaper told its employees that the tough economy and dropping advertising revenue are forcing the layoffs.

In January, The Times said it would cut 86 jobs, mostly by not filling existing openings. In April, it said it was eliminating another 200 jobs, including about 45 newsroom employees.

The company currently has nearly 1,600 full- and part-time employees.