(TheLastPatriotNews.com) – One of the biggest pillars of leftist propaganda among mainstream media, The Washington Post, has run into severe financial trouble, seeing itself forced to slash hundreds of jobs after failing to generate enough revenues for months.
The interim CEO, Patty Stonesifer, of the newspaper owned by billionaire Jeff Bezos, announced in a memo on Tuesday that 240 out of its 2,500 employees would be let go, The Daily Caller reports.
The report points out that the layoff decision comes in the wake of financial struggles and subsequent layoffs observed at various other media corporations, such as NPR and CNN, over the past year.
“Over the last 8 weeks, I have been working with the senior leadership team to review the current state of our business and financial results,” reads Stonesifer’s memo.
He states that the corporate expectations “for traffic, subscriptions, and advertising growth for the past two years” had been “overly optimistic,” necessitating efforts to “return our business to a healthier place in the coming year.”
“We have work going on across the organization to develop a strong plan for 2024 — and make no mistake — we remain bullish about the future of The Washington Post,” the CEO writes.
“We all believe the growth we saw in 2016 to 2021 will be ours again if we prioritize and plan appropriately. But the urgent need to invest in our top growth priorities brought us to the difficult conclusion that we need to adjust our cost structure now,” he elaborates.
The Caller stresses that multiple media entities in the U.S. have been compelled to cut staff to address budgetary and profitability concerns.
For instance, in December 2022, the Post ceased its long-standing, standalone weekly Sunday magazine, mainly attributing the decision to “economic headwinds.”
In a separate scenario, CNN undertook a substantial staff reduction, letting go of a considerable portion of its employees, after profits plummeted below $1 billion for the first time since 2016 amid the surge in digital subscriptions and a record dip in ratings.
Recognizable individuals at the network, including Chris Cillizza and Alison Kiosk, were discharged in early December.
Additionally, NPR disclosed plans to lay off 10% of its staff in February after revenue projections fell short by an estimated $30 million from a yearly budget of $300 million.