Employees will be offered a "voluntary separation package" in an effort to cut 240 jobs.
The Washington Post is reportedly cutting 240 employees in the 'hopes of averting more difficult actions such as layoffs — a situation we are united in trying to avoid."
An email obtained by New York Times reporter Ben Mullin states that employees will be attending a 10 am meeting on October 11 to discuss the action.
"Following this meeting, all eligible employees will be notified by email if their position is included in the program, and they are welcome to consider the package. Senior leaders will then share department specific information in meetings to follow throughout the day," the email reportedly read.
This program referenced by the media outlet is a "voluntary separation package" that will be offered to employees in an effort to reduce 240 positions "across all functions of The Post."
"This program will offer generous incentives to employees in specific roles where we believe we can reduce costs if work can be assigned more effectively, where positions do not need to be replaced or where we can otherwise achieve cost savings through a voluntary reduction in our workforce."
The package will be offered to employees in specific areas or with specific titles.
The email states that over the last eight weeks, its sender has "been working with the senior leadership team to review the current state of our business and financial results."
"We have determined that our prior projections for traffic, subscriptions, and advertising growth for the past two years — and into 2024 — have been overly optimistic and we are working to find ways to return our business to a healthier place in the coming year."
According to the New York Times, the Washington Post is set to lose around $100 million in 2023, and the outlet has struggled to increase paying subscribers since 2020, which peaked at 3 million. The outlet now has around 2.5 million.
Earlier this year, the outlet announced that it had laid off 20 newsroom employees, and would keep an additional 30 vacant roles unfilled.
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