Washington Post publisher Fred Ryan announced layoffs on Wednesday as the company's revenue continues to spiral downward.
During an interview with CNN Ryan said the far-left publication cannot “keep spending on initiatives that no longer align with readers’ interests.”
REPORT: Washington Post CEO just announced massive layoffs after subscription revenue plummeted.
We are watching the extinction of the main stream media in real time 😂
— Collin Rugg (@CollinRugg) December 14, 2022
More on the layoffs, per CNN:
The Washington Post will conduct layoffs in the coming year as it reorients itself for the future and reinvests in other areas, publisher Fred Ryan told startled staffers in a contentious town hall Wednesday, according to people familiar with the matter.
Ryan indicated to staffers that the cuts will make up a single digit percentage of the workforce, the people told CNN, adding that he does not believe the newspaper can “keep spending on initiatives that no longer align with readers’ interests.”
Ryan also said that the total size of the newsroom will not shrink in 2023 and could even grow as a result of the reinvestments in other divisions of the company.
A spokesperson for The Post told CNN that the company employs roughly 2,500 staffers, meaning that the cuts would represent fewer than 250 people.
When the staffers found out the layoffs were going to begin in early 2023 they did not take it well.
“We’re not going to turn the town hall into a grievance session,” Ryan said as he started facing backlash.
One staffer said, “It’s not a grievance session, it’s questions,” as Ryan was talking out.
“We’ll have more information as we move forward. Thank you very much,” Ryan concluded.
— Annie Gowen (@anniegowen) December 14, 2022
Chief communications officer at The Post, Kathy Baird, confirmed the news by stating the newspaper “is evolving and transforming to put our business in the best position for future growth.”
“We are planning to direct our resources and invest in coverage, products, and people in service of providing high value to our subscribers and new audiences,” Baird continued. “As a result, a number of positions will be eliminated. We anticipate it will be a single-digit percentage of our employee base, and we will finalize those plans over the coming weeks.”
“This will not be a net reduction in Post headcount,” Baird concluded. “Recently, we have made some of the largest investments in The Post’s history and 2023 will be another year of continued investment.”
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