Hey, where'd everybody go?

They must all be reading Bull City Rising or something.

The News & Observer this morning offered voluntary buyouts to about 320 employees -- including all full-timers in the newsroom -- as the newspaper continues to contend with slumping advertising.

The number of people affected represents roughly 40 percent of workers at The News & Observer Publishing Co., which also owns community publications such as The Herald in Smithfield and The Cary News.

Publisher Orage Quarles III said the company expects "a relatively small percentage" of those offered buyouts to actually apply for them. The company might limit the number of applications accepted, he said, though he did not specify a target number.

Best part of the article, though, is the spin:

The N&O, like most of the newspaper industry, is hurting amid the economic downturn that has eroded advertising revenue in key segments -- employment, auto and real estate -- even as its audience continues to grow. With myriad print publications and Internet sites, the N&O reaches more people than ever.

It just isn't getting enough revenue.