Boston University Public News/Talk 90.9 WBUR-FM Boston will initiate a round of contract buyouts in an attempt to prevent layoffs.

WBUR CEO Margaret Low sent a letter to employees highlighting the need for the station to cut 10% of its budget ahead of the start of the new fiscal year on July first accounting for at least $4 million in expenses. Low noted that the offer will be open to every full or part-time employee with a regular weekly schedule who has worked at the station for at least three months. Any staffer who takes the buyout will receive one week’s salary for every year at the station, health benefits during that time, an additional four-weeks pay as a lump sum, paid for accrued vacation time owed, career transition services, and will exit on Friday, May 10.

In an interview with the station’s news department, Low blamed the budget cuts on a decline in corporate sponsorships as more advertising dollars are moved online. She said, “WBUR has never been stronger, but the business has never been harder.” The story also notes that ahead of making the buyout announcement, Low met with SAG-AFTRA to discuss other ways to avert layoffs.

Despite being in one of the few markets with two strong Public News/Talk stations as well as a News heavy commercial station, WBUR currently ranks third in the Boston market with a 6.1 share. iHeartMedia News 1030 WBZ is sixth at a 4.9 share and fellow Public News/Talker 89.7 WGBH-FM is eighth with a 4.6.

WBUR currently has 220 employees.