The Los Angeles Times is reportedly preparing to lay off nearly a quarter of its newsroom after another year of significant losses and declining readership.
The Times announced Tuesday that at least 115 jobs were expected to be cut, which could mark the largest layoff in the paper's 143-year history. Owner Dr. Patrick Soon-Shiong — who acquired the Times in 2018 — said the cuts were necessary because the paper is losing tens of millions of dollars each year and needs to refocus on attracting more subscribers and advertisers.
"Today’s decision is painful for all, but it is imperative that we act urgently and take steps to build a sustainable and thriving paper for the next generation," Soon-Shiong said in a statement published by the outlet. "We are committed to doing so."
Unionized employees at the Times staged a one-day walkout last week in protest of the looming layoffs, but Soon-Shiong said in an interview that the strike "did not help." He has also criticized past leadership for putting the business in this position, including executive editor Kevin Merida, who stepped down from his role earlier this month after less than three years with the paper.
However, the Times isn't the only outlet being impacted by an evolving industry and a move away from traditional print media. It was announced last week that Sports Illustrated was also preparing for mass workforce reductions that could affect the outlet's entire staff.
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