Washington Post Cutting 240 Positions

Washington Post Cutting 240 Positions

One of America’s top newspapers announced major cutbacks.

The Post announced plans Tuesday to offer voluntary buyouts to its staff in an effort to reduce headcount by 240.

The Washington Post is owned by one of the wealthiest men in the world, Jeff Bezos. He is worth $155 billion, according to Bloomberg.

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“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,’” wrote the Post.

“The Post currently employs about 2,500 people across the entire company. A staff meeting is planned for 10 a.m. Wednesday to discuss the buyouts, which will be offered to employees in specific jobs and departments,” according to the Post.

“The urgent need to invest in our top growth priorities brought us to the difficult conclusion that we need to adjust our cost structure now,” Stonesifer wrote.

And these cuts may not be the end.

Stonesifer said in an article in the Post 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.”