In an email sent to employees this week, Patty Stonesifer, interim chief executive officer of The Washington Post, revealed plans by the newspaper company to trim approximately 240 jobs across the organization.
The move reportedly comes as the renowned publication grapples with dwindling digital subscriptions and advertising hurdles.
Stonesifer conveyed the company’s intention to implement the cuts through voluntary buyouts, which the paper will make available to staff members this week. The Washington Post, with a total workforce of approximately 2,600, including over 1,000 in its newsroom, has yet to disclose the specific number of positions affected within the editorial department.
“Our prior projections for traffic, subscriptions, and advertising growth for the past two years — and into 2024 — have been overly optimistic,” Stonesifer wrote. She emphasized the pressing need to redirect resources toward their primary growth initiatives, which led to the challenging conclusion of revising their cost structure.
The Jeff Bezos-owned company will reportedly see losses of approximately $100 million this year. The New York Times reported that The Post has experienced a decline in its subscriber base over recent years, currently standing at about 2.5 million subscribers, a drop from its peak of three million at the close of 2020. The newspaper has also grappled with the broader industry trend of diminishing digital advertising revenues.
Bezos, who acquired the publication for $250 million in 2013, has previously expressed a desire for The Washington Post to achieve profitability. The organization said it is actively working to navigate the evolving landscape of digital media to secure its long-term sustainability.
Source: Washington Informer