Current:Home > InvestRekubit Exchange:'Los Angeles Times' to lay off 13% of newsroom -MoneyBase
Rekubit Exchange:'Los Angeles Times' to lay off 13% of newsroom
TradeEdge View
Date:2025-04-09 10:14:52
The Rekubit ExchangeLos Angeles Times informed its newsroom Wednesday that it would lay off about 13% of the paper's journalists, the latest in a string of blows to major American news outlets.
It's the first major round of job cuts since the paper was acquired in 2018 by Patrick Soon-Shiong, a billionaire entrepreneur and investor based in Southern California. At the time, he told NPR that he wanted to protect the L.A. Times from a series of cutbacks that had afflicted the paper under previous owners based in Chicago.
During the pandemic, there was a far smaller round of layoffs. The paper and labor union negotiated a work-sharing agreement and furloughs in lieu of layoffs.
In making the announcement to officials of the newsroom union, executives cited a "difficult economic operating environment." L.A. Times Executive Editor Kevin Merida wrote in a memo to colleagues that making the decisions to lay off colleagues was "agonizing."
"We have done a vast amount of work as a company to meet the budget and revenue challenges head on," Merida wrote. "That work will need acceleration and we will need more radical transformation in the newsroom for us to become a self-sustaining enterprise."
He continued, "Our imperative is to become a modern media company - more nimble, more experimental, bolder with our ambition and creativity than we are today."
This follows major layoffs at other news companies, including BuzzFeed (which eliminated its news division), Vice (which declared bankruptcy), NPR (which laid off 10 percent of its workforce), MSNBC, CNN and The Washington Post.
According to a spokesperson, the L.A. Times intends to lay off 74 journalists. The paper expects to retain at least 500 newsroom employees after the cuts are complete.
Leaders of the paper's newsroom union, called the NewsGuild, note that it has been engaged in negotiations with the paper since September on a new contract with little progress. The prior one, which remains in effect, expired in November. They say they were blind-sided by the announcement, receiving notification from the paper's chief lawyer just minutes before Merida's note to staff.
"This is a case study in bad faith and shows disrespect for the newsroom," the guild said in a statement. It called upon the newspaper to negotiate alternatives, including voluntary buyouts, which it said was required under the paper's contract. (Fifty-seven guild-represented employees are among those designated to lose their jobs, according to the union.)
At NPR, the union that represented most newsroom employees, SAG-AFTRA, reviewed the network's financial books and agreed the need for cuts was real. The two sides ultimately reached agreements on how the job reductions would be structured.
The NewsGuild also represents journalists at the Gannett newspaper chain who walked off the job earlier this week to protest their pay and working conditions.
veryGood! (86553)
Related
- Questlove charts 50 years of SNL musical hits (and misses)
- Fearing ostracism or worse, many nonbelievers hide their views in the Middle East and North Africa
- An atheist in northern Nigeria was arrested. Then the attacks against the others worsened
- Biden’s dog Commander no longer at White House after biting incidents
- Former Danish minister for Greenland discusses Trump's push to acquire island
- Pope Francis: ‘Irresponsible’ Western Lifestyles Push the World to ‘the Breaking Point’ on Climate
- Number of buses arriving with migrants nearly triples in New York City
- Tickets for 2024 Paralympics include day passes granting access to multiple venues and sports
- Why members of two of EPA's influential science advisory committees were let go
- House speaker chaos stuns lawmakers, frays relationships and roils Washington
Ranking
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- Lindsie Chrisley Shares Why She Hasn’t Reached Out to Sister Savannah Over Death of Nic Kerdiles
- With an audacious title and Bowen Yang playing God, ‘Dicks: The Musical’ dares to be gonzo
- David Beckham Details How Victoria Supported Him During Personal Documentary
- NFL Week 15 picks straight up and against spread: Bills, Lions put No. 1 seed hopes on line
- Mayor of Tokyo’s Shibuya district asks Halloween partygoers to stay away
- California workers will get five sick days instead of three under law signed by Gov. Newsom
- Prosecutors focus on video evidence in trial of Washington officers charged in Manny Ellis’ death
Recommendation
2025 'Doomsday Clock': This is how close we are to self
Bachelor Nation's Colton Underwood and Becca Tilley Praise Gabby Windey After She Comes Out
Iran says it has agreed with Saudis to reschedule Asian Champions League soccer match after walkout
U.N. approves sending international force to Haiti to help quell gang violence
Realtor group picks top 10 housing hot spots for 2025: Did your city make the list?
German customs officials raid properties belonging to a Russian national targeted by sanctions
Missouri high school teacher put on leave after district officials discover her OnlyFans account
Meet this year’s MacArthur ‘genius grant’ recipients, including a hula master and the poet laureate