Record number of media job cuts so far in 2023
Why it matters: The level of cuts is worse than at the outset of the pandemic in 2020, when 16,750 job cuts were announced through May.
Zoom out: The news industry is facing huge constraints due to a slowdown in the ad market, debt from consolidation and subscription fatigue.
- Broadcast, digital and print news outlets have collectively announced 1,972 job cuts so far this year, surpassing the 1,808 cuts announced in all of 2022.
Driving the news: In the past week, several media companies have announced job cuts.
- Athletic announced Monday it's laying off roughly 20 people, or ~4% of its journalists.
- DotLA, a tech news site, laid off all seven of its editorial staffers.
- Los Angeles Times said it would cut 74 newsroom staffers.
- Morning Consult, a D.C.-based polling firm, cut its newsroom and laid off seven staffers.
Between the lines: Huge levels of cuts are giving way to more union conflicts, putting pressure on media bosses.
- Fred Ryan, longtime media executive and political adviser, will leave his position as publisher of the Washington Post after nine years, he told staff Monday.
- The Post, a source said, has roughly 2.5 million subscribers, which is down from 3 million during the Trump era. The newspaper received major backlash from newsroom employees surrounding its layoffs early this year.
Go deeper: Media layoffs loom large over 2023