The Washington Post, owned by billionaire Jeff Bezos, has lost millions of dollars in revenue, with the paper allegedly discussing the possibility of cutting 100 jobs and buying The Guardian and Associated Press.
Sources familiar with the company’s finances told the New York Times that The Post now has fewer than the three million digital subscribers it hailed in 2020, and that digital ad revenue fell to $70 million during the first half of 2022, a 15 percent decrease from last year.
Fred Ryan, the chief executive and publisher, was also said to be floating the idea of cutting 100 positions from the newsroom, which currently holds about 1,000 employees.
Other executives also allegedly set forth plans to make The Post the ‘definitive source of news and information for the English-speaking world,’ which included talks to purchase The Guardian, AP and The Economist.
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)
The Washington Post saw a boom in business after Bezos purchased the outlet in 2013. Through its extensive coverage of the Trump administration, the paper touted three million subscribers in 2020, but that has since dropped
In the years after Bezos purchased The Post in 2013, the company saw a significant boom in business, with its newsroom doubling in size as it gathered hundreds of new journalists.
But while the paper enjoyed a boost in subscriptions and readership, things took a downturn in early 2021, after Donald Trump left the presidency.
The Post, which saw a surge of activity through their extensive coverage of the Trump administration, had trouble bouncing back once Trump left office, sources told the Times.
They said many have grown frustrated over Ryan’s leadership, who was appointed by Bezos, for failing to expand and diversify the outlet’s coverage during that critical moment.
Sources claim Ryan has been a controversial figure in the office, with many worried about his direction for the company.
They added that the publisher has been monitoring how many people come into the office after COVID restrictions were lifted and is now weighing threats of firing those who continue to work from home.
The losses would be compounded with the 100 new positions at allegedly at jeopardy.
A spokeswoman for the Post said the outlet was not looking at layoffs and would instead be adding jobs and ‘exploring positions that should be repurposed to serve a larger, national and global audience.’
The spokeswoman added that the Times’ report showed an incomplete picture of The Post’s business, but did not say how.
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, who heralded a new age for the paper (pictured in 2016), left running the company to Ryan, who sources say is butting heads with employees and executives at The Post
Sources said that Bezos had been a regular presence at The Post in the first few years after purchasing the paper, but his visits have become a rare occurrence following the COVID-19 shutdowns.
Running the paper has fallen onto Ryan, 67, a former official in the Reagan administration and chief executive of Politico.
Last year, sources said Ryan held an internal Strategic Review Team with The Post’s executive team, with several executives concluding that the paper should purchase global rivals to expand its brand oversees.
Ryan, however, has allegedly put the plan on a backburner, much to the frustration of The Post’s marketing team, sources told the Times.
The sources added that the paper hired a team of marketers for advertisement purposes, but several ads never ran.
The alleged trouble at The Post comes after several journalists who covered the pandemic penned a letter to Ryan over his attempt to crackdown on working from home.
‘Such decisions are extremely personal and consequential,’ the letter said, ‘and we urge management to allow employees to make these decisions without fear of punishment from their employer.’
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