The Washington Post announced Tuesday that it will reduce its workforce by 240 employees. It will do so through what are known as "voluntary buyouts." Interim CEO, Patty Stonesifer stated that the news outlet is doing this with the hopes of "averting more difficult actions such as layoffs — a situation we are united in trying to avoid."
Stonesifer explained to employees in an email that the company needs to reduce its workforce because the outlet's subscriptions, traffic and advertising projections over the past two years were "overly optimistic." She claims this forced the company to look for ways to "return our business to a healthier place in the coming year." According to Stonesifer, "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."
The Post is reducing its staff by about 10%. They currently have about 2,500 people throughout the company. This Wednesday, an editor for The New York Times, Ben Mullin, announced that a meeting will be held in the editorial office of The Washington Post to discuss these voluntary resignations that will be offered to several employees who work in specific positions and departments.
Inbox: Washington Post is reducing its workforce by approximately 240 positions pic.twitter.com/GFVdGZw2pa
— Ben Mullin (@BenMullin) October 10, 2023
This is not the first time The Washington Post has had to reduce its workforce. The Hill recalls that the outlet laid off two dozen newsroom workers this spring. At the time, the newspaper said it was doing so because it was "necessary for us to stay competitive, and the economic climate has guided our decision to act now."
Months earlier, in the fall of 2022, The Washington Post decided to stop printing its Sunday magazine. That magazine was launched in 1986 and the last issue was published on December 25, 2022.
