By The FirstThe staff of The Washington Post were in for a shock when they were informed by the newspaper’s publisher Fred Ryan that layoffs would be coming in Q1 of 2023. The announcement came on Wednesday during an all-employees town hall, and was caught on cell phone camera by one of the attendees.
“We’re not going to turn the town hall into a grievance session…sorry,” Ryan can he heard saying when Post employees began protesting the announcement.
Watch the moment below:
It’s no surprise that layoffs will be hitting The Washington Post, as the Jeff Bezos-owned newspaper has been struggling to turn a profit in recent days.
The New York Times reports:
The [Washington Post] is on track to lose money in 2022, after years of profitability, according to two people with knowledge of the company’s finances. The Post now has fewer than the three million paying digital subscribers it had hailed internally near the end of 2020, according to several people at the organization. Digital ad revenue generated by The Post fell to roughly $70 million during the first half of the year, about 15 percent lower than in the first half of 2021, according to an internal financial document reviewed by The New York Times.
This is just the latest indication that the legacy media is in a death spiral. Bill O’Reilly explains why it’s happening.
