Jun 13, 2023 - Economy

Record number of media job cuts so far in 2023

Data: Challenger, Grey and Christmas Inc.; Chart: Axios Visuals; Chart: Axios Visuals

The media industry has announced at least 17,436 job cuts so far this year, marking the highest year-to-date level of cuts on record, according to a new report from Challenger, Gray & Christmas.

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.

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

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