This was announced by the Washington Post On Tuesday, the company announced it would cut 240 jobs by offering voluntary buyouts to its employees.
In an email sent to employees Tuesday, interim CEO Patty Stonesifer said the Post has been “overly optimistic” about its subscription, traffic and advertising forecasts over the past two years, the news outlet said.
“The urgent need to invest in our top growth priorities has led us to the difficult conclusion that we must now adjust our cost structure,” Stonesifer said in the email, according to the Post.
The company has opted for voluntary buyouts offered for specific positions and departments to avoid possible layoffs. TThe email did not specify which positions and departments should be taken over. NPR reported. Further details about the acquisition will reportedly be announced during a staff meeting scheduled for 10 a.m. on Wednesday
“To be clear, we developed this program to reduce our workforce by approximately 240 employees in the hopes of averting more difficult measures such as layoffs – a situation that we collectively want to avoid,” Stonesifer wrote.
The post currently has a total of 2,500 employeesand nearly 1,000 of them work in the newsroom, The New York Times reportedso the takeovers will affect approximately 10% of the company’s workforce. The post office in January 20 employees laid off and eliminated its Sunday magazine due to declining advertising revenue and readership.
Accordingly, the media industry was confronted with a record number of layoffs this year AxiosAt least 17,436 jobs had been cut by June. News outlets including Vox Media, NPR and the Los Angeles Times announced plans to significantly reduce their workforces in 2023, while BuzzFeed, HuffPost’s parent company, shuttered its entire news division this year.