BOSTON – The New York Times Co. will cut about 125 positions through buyouts and other steps at The Boston Globe and the Telegram & Gazette of Worcester and outsource some finance and advertising work, a Globe spokesman said Thursday.

About 70 of the positions will be eliminated through buyouts that will be offered to employees of the two newspapers starting late this month, Globe spokesman Al Larkin said. The buyouts will be offered to exempt and Newspaper Guild-covered employees with at least 10 years of service.

Seventeen positions in the newsroom and two opinion page positions are expected to be eliminated through buyouts at the Globe. No buyouts are planned at the T&G’s editorial operations, Larkin said.

About 51 additional buyouts will be spread across non-editorial departments at the two newspapers, which are part of the Times Co.’s New England Media Group.

Also, some open positions will be left vacant, Larkin said.

In addition to the 70 cuts expected from buyouts, about 55 other positions will be eliminated by transferring support jobs for advertising and finance operations to outside companies, Larkin said. Those moves affect staff at the Boston and Worcester newspapers as well as the publications’ online editions.

Employees affected by the outsourcing initiative will receive severance packages similar to those offered through the buyouts, Globe Publisher P. Steven Ainsley said in a statement distributed to staff.

“There will be additional steps we need to take as we continually look for ways to succeed in our new environment,” Ainsley said.

Larkin said the cuts announced Thursday were “a response to continuing difficult advertising and circulation markets that most newspapers are experiencing.”

Last month, the Globe’s largest union, the Boston Newspaper Guild, approved a new four-year contract that ties wage increases to revenue gains at the newspaper and its Web site.