WaPo pivots "third newsroom" to a more commercial venture
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The Washington Post on Tuesday announced sweeping changes to its "third newsroom," called WP Ventures, that puts the unit under a commercial leader and separates it from its core news brand.
Why it matters: The shake-up represents a big shift in the Post's editorial strategy as it looks to overcome revenue challenges.
Catch up quick: Last year, CEO Will Lewis announced an overhaul of the Post's editorial strategy that was meant to broaden the outlet's coverage and reach a wider audience.
- Those changes included the creation of a "third newsroom" that focused on video, audio, newsletters and social engagement.
- The Post named longtime editor Krissah Thompson leader of that division.
State of play: On Tuesday, executive editor Matt Murray announced that Thompson would be taking a buyout.
- Later that day, the company said it's shifting the focus of WP Ventures to operate outside of the Post's newsroom.
Zoom in: Moving forward, WP Ventures will report to the company's chief strategy officer Suzi Watford. It will be led by Samantha Henig, who serves as general manager, not an editor.
- WP Ventures will "focus entirely on building personality-driven content and franchises around personalities" across topics that appeal to new audiences and "with strong commercial opportunities," Henig wrote in a memo to staff explaining the changes. (The memo was co-signed by Thompson.)
- Setting up WP Ventures outside of the Post's newsroom will allow more creator-driven experimentation, the note said, which can be helpful for business.
- Under a brand distinct from the Post's core news banner, "we can explore different ways of working — including the freedom to express a point of view and enhanced brand integrations," the note said.
The big picture: The shift comes as the Post looks to reimagine its workforce to meet Lewis' new vision for the company.
- Earlier this month, Lewis encouraged staffers to take buyouts "who do not feel aligned with the company's plan." The company also laid off 4% of staff, mostly on the business side, in January.
- The buyouts and layoffs, in addition to a slew of changes over the past year, have led to a significant number of high-level editorial departures.
- The Post lost $77 million in 2023, executives said last year. The new editorial vision is meant, in part, to help bring the paper back to profitability.
