Washington Post to axe 240 jobs after making ‘overly optimistic’ forecasts | CPT PPP Coverage
Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #People |•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Washington Post to axe 240 jobs after making ‘overly optimistic’ forecasts appeared on www.telegraph.co.uk by The Telegraph.
But the Post has struggled to maintain this momentum in recent years, shedding readers even as rivals including The New York Times and The Wall Street Journal have boosted subscriptions.
The company has set out plans to expand the paper’s coverage to help serve a global audience and improve its finances. The New York Times last year reported that bosses had even held internal talks over whether to buy a rival such as The Economist or The Guardian.
The Post, known for its motto “Democracy Dies in Darkness”, has so far struggled to turn its fortunes around, fuelling tensions between staff and executives.
Voluntary buyouts will be offered as a way to avoid redundancies, meaning employees affected will receive severance pay.
A staff meeting will take place on Wednesday morning to discuss the buyouts, which will be offered to employees in specific jobs and departments.
The Post currently employs around 2,500 people, meaning the cuts represent roughly 10pc of its workforce.
It comes after the company axed 20 jobs at the beginning of the year and shuttered its Sunday magazine amid a decline in readership and advertising revenues.
The liberal newspaper is reportedly on track to lose $100m (£81.4m) in 2023 amid a broader downturn in the ad market.
It has also struggled to gain paying subscribers since the 2020 election when a frenzy of reporting on Donald Trump helped boost subscriptions to 3 million. This has since fallen back to 2.5m.
Fred Ryan, publisher of the Post, stepped down over the summer in the wake of tensions with employees over job cuts.
He has been replaced on an interim basis by Ms Stonesifer, a former Microsoft executive and ex-chief executive of the Bill & Melinda Gates Foundation.
The Washington Post Guild, which represents staff at the newspaper, said it was “infuriated” at the decision to cut jobs, which it blamed on a “litany of poor business decisions at the top of our company”.
The union wrote: “We cannot comprehend how The Post, owned by one of the richest people in the world, has decided to foist the consequences of its incoherent business plan and irresponsibly rapid expansion onto the hardworking people who make this company run.”
A spokesman said the cuts would put the company “in a strong place for 2024 and beyond”, but added: “This decision is still difficult knowing some of our valued colleagues may choose to leave at the end of the year.”
The US media sector has been hit by a wave of job cuts this year as news outlets grapple with a downturn in ad spend and a slowdown in subscription growth.
CNN, Vox, the Los Angeles Times and Gannett, the largest newspaper chain in the US, are among the companies to have announced layoffs.
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on www.telegraph.co.uk by The Telegraph – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!