The former Dow Jones chief government officer (CEO) and writer of The Wall Street Journal (WSJ) William Lewis was named chief government officer and writer of The Washington Post, the most important U.S. outlet stated Saturday.
The Washington Post stated that it’s projected to finish the 12 months taking a $100 million loss. The writer added that executives are providing buyouts throughout the corporate in an effort to cut back its head depend by about 10%, and the newsroom is predicted to shrink to about 940 journalists.
Lewis’s appointment comes at a time when the media trade is grappling with a sluggish promoting market, low belief in news and developments in generative AI know-how that threaten to upend how individuals discover and devour info.
Lewis is about to tackle his duties starting Jan. 2, 2024, changing Patty Stonesifer, who grew to become interim chief government in June. The Post is owned by the founding father of Amazon, billionaire Jeff Bezos.
According to an Oct. 10 electronic mail despatched by Stonesifer to workers and seen by Reuters, after conducting a overview, Stonesifer and senior management decided that the Post’s prior projections for web site site visitors, subscriptions and promoting development for the previous two years and into 2024 have been “overly optimistic.” It’s unclear why these projections have been off.
Stonesifer had changed Fred Ryan, who stepped down in August after a nine-year stint as writer and CEO.
During Ryan’s tenure, the Post boosted its digital subscriptions, gained 13 Pulitzer Prizes and launched the Arc XP cloud-based digital platform that serves greater than 1,900 websites in 28 nations, based on the corporate in June.
In an article masking Ryan’s departure, the Post reported that almost all of its income now comes from its digital business. It has about 2.5 million digital subscribers, a shift from when Ryan was employed in September 2014 and nearly all of income got here from its print business.
Source: www.dailysabah.com