On Wednesday, Washington Post publisher publisher Fred Ryan announced massive layoffs as the company’s subscription revenue continues to plummet.
While speaking to CNN, Ryan noted that doesn’t think the paper can “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
Follow me on Twitter @CollinRugg!
CNN reports:
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 delivering the news that layoffs would begin in the first quarter of 2023, staffers started throwing a fit.
“We’re not going to turn the town hall into a grievance session,” Ryan said as staffers started crying.
One staffer responded, “It’s not a grievance session, it’s questions,” as Ryan walked away.
Another staffer asked why Ryan wasn’t protecting “people’s jobs,” referring to the recent elimination of the Post’s magazine.
“We’ll have more information as we move forward. Thank you very much,” Ryan said as he turned around and walked away.
WATCH:
NEW: @washingtonpost publisher Fred Ryan refuses to take staff questions after announcing Q1 layoffs in “Town Hall” @postguild pic.twitter.com/C4HOXb6y2C
— Annie Gowen (@anniegowen) December 14, 2022
Chief communications officer at The Post, Kathy Baird, confirmed the news, stating that 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 said. “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 continued. “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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