The Washington Submit was already in monetary hassle even earlier than the latest boycott motion that erupted in opposition to the paper.
A report from New York Journal’s Intelligencer make clear a latest assembly at The Submit newsroom the place the highest brass revealed that the paper was on tempo to lose a whopping $77 million this yr, a determine that doesn’t even embrace the staggering 250,000 subscribers it misplaced over its last-minute determination by billionaire proprietor Jeff Bezos to not endorse Vice President Kamala Harris within the closing days of the presidential race.
“[It’s] not a surprise at all,” one Submit staffer informed Fox Information Digital in response to the report. “It means ‘buckle up.’”
Notably, the $77 million in reported losses mirrors the precise determine Washington Submit writer Will Lewis mentioned in Might the paper misplaced over the prior yr.
The Washington Submit is reportedly on tempo to lose $77 million this yr, which does not embrace the losses from the latest boycott over its non-endorsement. (Andrew Harnik/Getty Photos)
The Intelligencer cited different staffers, one saying “The level of anger is through the roof, and fear is also through the roof.”
“The top stories that do well convert 200 readers to subscribers,” one other staffer informed the journal. “You’re doing your best work, hoping you convert 200 subscribers. And we lost 250,000 through naïveté and poor decision-making.”
In keeping with the report, The Submit, which has suffered an exodus of high-profile expertise in recent times, might have much more staffers fleeing, saying a few of its “most marketable journalists” are “seeking out opportunities at other outlets even as the grind of the new Trump administration begins.”
A spokesperson for The Washington Submit declined to touch upon its income numbers when requested by Fox Information Digital.
Billionaire Jeff Bezos purchased The Washington Submit in 2013. ( SAUL LOEB / AFP) (Picture by SAUL LOEB/AFP by way of Getty Photos)
The Submit’s monetary woes have shaped a cloud over the “Democracy Dies in Darkness” paper for years, however the newsroom was rocked with turmoil after Bezos halted the editorial board’s endorsement of Harris, establishing a brand new coverage going ahead of not issuing endorsements for presidential candidates.
That was met with swift backlash each inside and out of doors the paper and resulted within the lack of 250,000 liberal subscribers, which NPR famous was roughly 10% of its 2.5 million whole subscribers.
The Washington Submit was set to endorse Vice President Kamala Harris earlier than it was halted by its billionaire proprietor Jeff Bezos. (AP/Jacquelyn Martin)
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Bezos penned an op-ed defending the choice, citing rising mistrust within the media.
“We must be accurate, and we must be believed to be accurate. It’s a bitter pill to swallow, but we are failing on the second requirement,” Bezos wrote. “Most people believe the media is biased. Anyone who doesn’t see this is paying scant attention to reality, and those who fight reality lose. Reality is an undefeated champion. It would be easy to blame others for our long and continuing fall in credibility (and, therefore, decline in impact), but a victim mentality will not help. Complaining is not a strategy. We must work harder to control what we can control to increase our credibility.”
“By itself, declining to endorse presidential candidates is not enough to move us very far up the trust scale, but it’s a meaningful step in the right direction. I wish we had made the change earlier than we did, in a moment further from the election and the emotions around it. That was inadequate planning, and not some intentional strategy,” Bezos later conceded.
