Los Angeles Times Announces Layoffs as Financial Struggles Continue
The Los Angeles Times, California’s largest daily newspaper, has announced that it will be laying off at least 115 employees, which amounts to roughly a quarter of its staff. The layoffs come as the newspaper continues to face significant financial losses.
Lower Than Expected
The announcement was made in a newsroom-wide email from L.A. Times President and Chief Operating Officer Chris Argentieri. According to reporter Matt Pearce, the total number of layoffs is actually lower than initially expected. Pearce shared this information on X, formerly known as Twitter.
Last week, members of the L.A. Times Guild, the union representing newspaper staffers, staged a one-day walkout to protest the anticipated job cuts.
Owner Addresses Financial Struggles
In an article published in the L.A. Times, the newspaper’s owner, Dr. Patrick Soon-Shiong, explained that the layoffs were necessary due to annual losses of million to million caused by declining subscriptions and advertising revenue. Soon-Shiong emphasized the importance of taking urgent action to build a sustainable and thriving paper for future generations.
Reporter Let Go
One of the employees affected by the layoffs is Sarah Parvini, a video game industry reporter for the L.A. Times. Parvini expressed her gratitude for her time at the paper and thanked her colleagues and readers in a tweet.
Soon-Shiong and his family purchased the L.A. Times and the San Diego Union-Tribune from Tribune Publishing for 0 million in 2018.
Industry-Wide Impact
The news industry as a whole has been grappling with layoffs and buyouts over the past year. Companies such as The Washington Post, NPR, CNN, and Vox Media have all been affected. According to employment firm Challenger, Gray and Christmas, an estimated 2,681 news industry jobs were lost by the end of November, surpassing the total number of job losses in 2022 and 2021 combined.
The layoffs at the Los Angeles Times highlight the ongoing challenges faced by traditional newspapers in the digital age. As print subscriptions decline and online advertising revenue remains insufficient, newspapers must find new ways to adapt and generate sustainable income.
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