Mass Layoffs Rock LA Times: Over 100 Staff Cut, Affecting a Quarter of the News Guild Due to Heavy Losses
Photo: Ryan Quick
The Los Angeles Times announced on Tuesday a significant reduction in its workforce, laying off at least 115 employees, which constitutes over 20% of its newsroom.
This decision marks one of the largest workforce reductions in the 142-year history of the newspaper, the company announced.
The decision comes in the wake of consecutive years of considerable financial losses for the LA Times.
Dr. Patrick Soon-Shiong, the owner of the Los Angeles Times, explained that the cuts were essential.
The paper, he said, could no longer afford to lose $30 million to $40 million annually without making strides in building a larger readership base, crucial for increasing advertising and subscription revenues.
