Capital Economy, Business and Finance
The Washington Post and Los Angeles Times have been haemorrhaging subscribers after pressure from billionaire owners led to decisions at both newspapers not to endorse a presidential candidate.
NPR reported that the Post had seen more than 200,000 cancellations by midday on Monday, while the Times lost 7,000 – equivalent to 8 and 1.8 per cent of their readerships, respectively. The timing couldn’t be worse.
The Post lost a reported $77 million and laid off 240 staff last year, while the Times lost over $30 million. Attempts to contain the financial fallout at the Post included three excoriations by staff writers and an op-ed by the Post’s owner, Jeff Bezos, doubling down on the “principled decision” not to endorse.
In the piece, Bezos admitted he was not an “ideal owner” for the Post given his wide array of business interests. Three members of the paper’s editorial board have resigned.
