Mainstream News Media Is Bleeding Cash
January 29, 2024
“Chaos, Fury Engulf Los Angeles Times in Historic Cuts to Newsroom”
“…Barely 24 hours after billionaire owner Patrick Soon-Shiong imposed more than 115 job cuts, reducing about 20% of the newsroom, staffers arriving at the paper’s offices in El Segundo were greeted by security guards checking a list to ensure laid-off colleagues were denied entry….”
https://www.yahoo.com/entertainment/chaos-fury-engulf-los-angeles-140000233.html
“Daily News workers walk out to protest owners Alden Global Capital who ‘shrink the budget to fill their pockets’”
“…In fact, salaries were slashed by as much as 15% during COVID — partly attributed to reduced expenses for workers because they did not have to come to an office — and were never restored after the pandemic ended. The paper has 54 union workers and a handful of editors as circulation has fallen to less than 60,000…”
https://nypost.com/2024/01/25/business/daily-news-workers-stage-walkout-in-nyc/
No matter the excuse the bottom line is the same across the board. That baseline is reduce spending.