The Washington Post plans to offer voluntary buyouts to its staff in an effort to reduce head count by 240, reports The Post.
In an email to staff, interim CEO Patty Stonesifer wrote that The Post’s subscription, traffic and advertising projections over the past two years had been “overly optimistic” and that the company is looking for ways “to return our business to a healthier place in the coming year.”
The Post currently employs about 2,500 people across the entire company.
“The urgent need to invest in our top growth priorities brought us to the difficult conclusion that we need to adjust our cost structure now,” Stonesifer wrote.
Stonesifer added that the buyouts are being offered in hopes of “averting more difficult actions such as layoffs — a situation we are united in trying to avoid.”