The Washington Post on Tuesday announced plans to offer voluntary buyouts to some of its staff, in an effort to cut 240 positions.
In an email to staff, interim CEO Patty Stonesifer wrote that The Post’s subscription, traffic and advertising projections over the past two years had been “overly optimistic” and that the company is looking for ways “to return our business to a healthier place in the coming year.”
Stonesifer added that the buyouts are being offered in hopes of “averting more difficult actions such as layoffs — a situation we are united in trying to avoid.”
Washington Post owner Jeff Bezos appointed Stonesifer to the position earlier this year, when Fred Ryan stepped down as CEO.
The surprise announcement comes just nine months after The Post reduced its newsroom staff by 50 positions.
Meanwhile, the newspaper is on track to lose $100 million this year, the New York Times reported.
The Post currently employs about 2,500 people.
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