The Washington Post, owned by billionaire Jeff Bezos, has reportedly discussed eliminating 100 positions and purchasing The Guardian and Associated Press while experiencing revenue losses of millions of dollars.
The Post currently has less than the three million digital subscribers it welcomed in 2020, according to sources familiar with the company’s finances, and digital ad income dropped to $70 million during the first half of 2022, a 15% decline from the prior year.
The chief executive and publisher, Fred Ryan, was reportedly said to be considering eliminating 100 jobs from the newsroom, which now employs roughly 1,000 people.
Other executives are also reported to have made plans to turn The Post become the “definitive source of news and information for the English-speaking world,” which included discussions about buying The Economist, The Guardian, and AP.
The Washington Post saw its digital ad revenue fall to $70 million during the first half of 2022, a 15 percent decrease from last year. Many are frustrated over the leadership of chief executive Fred Ryan (left) who was appointed by billionaire Jeff Bezos (right)
After Bezos bought the publication in 2013, The Washington Post saw a surge in sales. The newspaper had three million subscribers in 2020 via its thorough coverage of the Trump administration, but that number has subsequently decreased.
The Post saw a major increase in sales when Bezos bought it in 2013, and its newsroom doubled in size as it hired hundreds of additional journalists.
Although the newspaper saw an increase in subscribers and readers, things started to decline in early 2021 when Donald Trump departed the White House.
The Post, which had a boost in traffic as a result of their thorough coverage of the Trump administration, struggled to recover after Trump’s resignation, insiders told the Times.
Many people, they said, had become upset with Ryan’s leadership—whom Bezos appointed—for failing to broaden and diversify the outlet’s coverage at that crucial juncture.
According to sources, Ryan has been a divisive presence in the workplace, with many people concerned about his plans for the business.
They also said that the publisher has been keeping an eye on how many individuals visit the office since the COVID limitations were relaxed and is now considering threatening to fire those who stay at home to work.
The losses would increase due to the 100 additional jobs that may be in danger.
According to a Post spokesperson, the publication would be increasing employment and “exploring roles that should be repurposed to serve a bigger, national and global readership” rather than considering layoffs.
The spokesperson also said that the Times’ article provided an inaccurate image of The Post’s operations, but she did not elaborate.
Washington Post executives have discussed purchasing The Guardian (left) and The Associated Press (right) to increase its brand worldwide, but Ryan has allegedly put the plans on the backburner, much to his marketing team’s frustration
Bezos ushered in a new era for the newspaper and handed the reins over to Ryan, who, according to insiders, is at odds with The Post’s management and staff.
According to sources, Bezos was often seen at The Post in the early years after buying the publication, but after the COVID-19 shutdowns, his trips have been more infrequent.
Ryan, 67, a former official in the Reagan administration and current CEO of Politico, has been tasked with running the publication.
According to insiders, Ryan met with The Post’s executive team last year to hold an internal Strategic Review Team, and numerous executives came to the conclusion that the newspaper should buy international competitors to extend its brand internationally.
To the dismay of The Post’s marketing staff, Ryan is said to have put the idea on hold, according to people who spoke with the Times.
The sources also said that while the publication had a group of marketers, some of the advertisements never appeared.
The Post is allegedly in problems when numerous journalists who covered the epidemic sent Ryan a letter criticizing his most recent policy’s restrictions on working from home.
According to the letter, “Such choices are very personal and serious, and we encourage management to let individuals to make these decisions without fear of reprisal from their company.”