Washington Post to lay off 4% of staff to cut costs [View all]

Source: Reuters via Yahoo Finance

The Washington Post said on Tuesday it would lay off about 4% of its workforce or less than 100 employees in a bid to cut costs, as the storied newspaper grapples with growing losses.

The newspaper is making changes across several business functions, a spokesperson said, while suggesting the job cuts will not impact its newsroom.

The newspaper, owned by Amazon.com founder Jeff Bezos, is among many news outlets struggling to maintain a sustainable business model in the decades since the internet upended the economics of journalism and caused a sharp decline in digital advertising rates.

The Post has seen a decline its digital readership and reported a $77 million loss in 2023.

Read more: https://finance.yahoo.com/news/washington-post-lay-off-4-182028857.html