LA Times Cuts Staff, Over 100 Jobs Lost Amid Fiscal Troubles
The Los Angeles Times is facing a significant reduction in its workforce, with plans to lay off at least 115 employees, which will affect over 20% of its newsroom. The decision follows consecutive years of substantial financial losses, with the newspaper losing between $30 million to $40 million annually. The owner, Dr. Patrick Soon-Shiong, has cited the necessity of these cuts to create a sustainable business model for the paper. He has invested almost a billion dollars since acquiring the paper in 2018, aiming to preserve its legacy and future. The cuts will impact both union members and non-union managers, with 94 of the positions covered by the Media Guild of the West, accounting for a quarter of its members.
The layoffs come during a period of change for the newspaper, including the recent departure of top editors. The paper's executive editor, Kevin Merida, stepped down after two and a half years, and the Managing Editor Sara Yasin resigned, both citing differences with the paper's direction. The L.A. Times Guild staged a one-day walkout in protest of the planned layoffs. Despite the challenges, Dr. Soon-Shiong defended the necessity of the layoffs to build a larger audience and develop other revenue streams, including Los Angeles Times Studios' documentaries and podcasts. The paper was also nominated for its first-ever Academy Award for the documentary short film "The Last Repair Shop."
