The Washington Post, led by Amazon founder Jeff Bezos, is expected to lose about $100 million in 2023, two people familiar with the paper’s finances told The New York Times.
Additionally, two other people briefed on the matter said the Post is expected to underperform its 2023 ad revenue projections, according to the New York Times. The Post has faced the challenge of expanding its paying customer base since the 2020 election, when it peaked at 3 million digital subscribers (now about 2.5 million).
Four people, speaking on condition of anonymity, discussed the Post’s financial troubles, according to the New York Times. The newspaper’s chief executive officer, Fred Ryan, announced in June that he would step down in August. The executive director of the Post Sally Busby said Mr. Ryan’s mistake was the main cause of the demoralization within the company, a person familiar with Mr. Ryan’s remarks told The New York Times.
The NYT said Mr. Bezos increased his participation in the newspaper’s operations after January as staff morale declined and business began to face difficulties. (Related: WaPo suffers funding loss after Trump leaves office)
WASHINGTON, DC – NOVEMBER 15: Fred Ryan, Publisher and CEO of The Washington Post, speaks at the Washington Post Global Women’s Summit on November 15, 2022 at the Post’s headquarters in Washington, DC. The first summit brought together a wide range of speakers, from activists to politicians, to discuss global issues through the perspective of women. (Photo Credit: Anna Moneymaker/Getty Images)
Bezos bought the Post for $250 million in 2013, according to The New York Times, and his vision was to transform the newspaper from a local to a global one.
“I’m very passionate about what we can do at The Washington Post in the next decade,” Interim CEO Patti Stonesifer told the Times. “Jeff’s 20 years of ownership of the Post should be even more exciting.”
Bezos and the Post did not immediately respond to the Daily Caller News Foundation’s request for comment.
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