Washington Post to lay off 4% of staff to cut costs

(CLO) On January 7, the Washington Post announced that it would lay off about 4% of its workforce, equivalent to less than 100 employees, to cut costs.

A spokesman said the paper was making changes in some business units and that the job cuts would not affect the newsroom. The announcement comes as the Washington Post faces serious losses.

The Washington Post headquarters at One Franklin Square, Washington DC, USA. Photo: CC/Wiki

The newspaper, owned by Amazon founder Jeff Bezos, is struggling to maintain its business model as the newspaper industry continues to be impacted by digital transformation.

Declining digital advertising and changing news consumption habits have left the Washington Post struggling, with declining readership and a $77 million loss in 2023.

This is part of a restructuring plan to adapt to changes in the newspaper industry and build a more sustainable business platform to reach a wider readership, a newspaper spokesman said.

Earlier in 2023, the newspaper proposed a program to cut 10% of its staff, reducing the size of the newsroom to about 940 journalists.

Other news organizations are facing financial pressure, too. The Associated Press announced plans in November to cut about 8% of its staff.

The decline in trust in the media has also been a major challenge for the Washington Post. Since William Lewis was appointed CEO in early 2024, the paper has decided not to endorse any candidate in the US presidential election, leading to more than 200,000 people canceling their digital subscriptions.

Jeff Bezos has defended the decision, stressing that the media needs to improve its credibility in the face of widespread perceptions of bias.

Ngoc Anh (according to WP, Reuters, Fox Business)

Source: https://www.congluan.vn/washington-post-se-sa-thai-4-nhan-vien-de-cat-giam-chi-phi-post329481.html