Just when you think journalism news can’t get any more grim, we get the buyout news this week out of The Washington Post.
The Washington Post!
As I wrote about Wednesday, the Post is looking to slash 240 jobs through buyouts. And if they don’t get there, the Post’s interim CEO tells staff that she can’t promise there won’t be layoffs.
Again, we’re talking about The Washington Post — one of the best and most respected names in journalism and a news outlet owned by one of the richest people on the planet in Jeff Bezos.
So what’s the latest?
On Wednesday, a day after the Post announced it would offer voluntary buyouts in hopes of cutting staff by 240 employees, the Post held a town hall staff meeting to go over the details.
According to several reports, including this from The New York Times’ Benjamin Mullin, interim Post CEO Patty Stonesifer told staff that the buyouts would be “evenly distributed” among the departments. She said that the journalism functions (news and opinion) would account for about “half the burden.”
The Post has approximately 2,500 employees.
The Washington Post’s Elahe Izadi and Will Sommer wrote, “About 700 of The Post’s roughly 2,500 employees received notices that they are eligible to take buyouts — but only about a third of those offered will be allowed to take them. Among the areas expected to be most affected are the Metro staff, where managers aim to trim a staff of 89 by nearly a quarter, including coverage areas such as education, transportation and social issues, according to people who attended smaller team meetings after Stonesifer’s announcement.”
According to The Washington Post’s Paul Farhi, Stonesifer told staff that since 2021, audiences are down 28%, subscriptions are down 15% (to around 2.5 million), print revenue is down 10% and digital advertising is down 30%.
She added, “This is a really good business that we overshot on expenses.”
That, and the overall meeting, didn’t go over well with some Post journalists, according to The Daily Beast’s Corbin Bolies. He wrote that Post reporter and guild president Katie Mettler told Stonesifer she was frustrated by reporters “bearing the consequences of very poor decisions” made by management.
The Post is hoping to cap the buyouts at 240, but Stonesifer reportedly said in the meeting, “We can’t promise that there won’t be layoffs.”
Bolies wrote, “Staffers grew agitated at this news, with reporters such as Valerie Strauss and Josh Dawsey pressing Stonesifer on management’s alleged lack of transparency and pointing to prior promises from former publisher Fred Ryan and Stonesifer herself that there wouldn’t be layoffs for the rest of the year. ‘Why should we believe any of the company’s assurances?’ Dawsey said. Stonesifer said she made a mistake in committing to that, and Dawsey questioned her on why the Post leadership’s economic projections were off.”
Stonesifer reportedly told Dawsey, “I wish I really knew the answer.”
As far as the possibility that Metro will be the most impacted, Post executive editor Sally Buzbee, according to the Post story, told the Metro staff in a meeting that the paper “remains committed to local journalism.”
Mettler told the Post, “Of all the bad options, (buyouts seem) to be the least bad option.”
As far as the buyout packages, Bolies wrote, “Employees who have been at the Post for less than three years will be offered six months of base pay along with six months of payments to a COBRA account. Employees with longer service will see payments increase by three to six months, with those at the Post for 15 years or more capping out at 24 months of base pay along with 12 months of COBRA payments, according to a PowerPoint outlining the terms. The company’s pension plan would fund the payments.”
The Post story reported that Stonesifer said Bezos approved the buyouts, but that he is open to spending more money once he hires a new publisher who can come up with a strategy for the future.
One more thought …
It has been thoroughly impressive how well The Washington Post reporters — mainly Izadi and Sommer — have aggressively covered the story of the Post buyouts.
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