During a recent period of ambitious expansion, The Washington Post incurred expenditures beyond its sustainable means due to optimistic financial forecasts that ultimately did not materialize, interim CEO Patty Stonesifer informed employees on Wednesday. These developments mark the most substantial staff reduction since billionaire Jeff Bezos acquired the company in 2013.
The proposed cuts, anticipated to take the form of 240 voluntary buyouts across the organization’s workforce, will be evenly distributed between The Post’s editorial and business divisions, Stonesifer noted.
Speaking at a companywide meeting, Stonesifer stated, “This is a genuinely viable business that we overextended in terms of expenses. Therefore, we are endeavoring to align our financials to ensure that we can allocate resources and invest in the essential areas we require.”