I wish I could say it’s a proper market correction because people were tired of their lies and fake news narratives being published, but it’s not. It might partially be due to that, but the ad bubble burst, and those days will never return. The liberal media is bleeding all over, with some newsrooms being decimated over revenue issues. As Axios wrote this morning, it’s a “bloodbath.”
We saw the first signs of this in the early 2010s when news outlets began curbing local beats. Again, the gravy train was at its high point then, so most companies probably thought they could tread water, shifting all their energy to national news stories. Alas, nothing lasts forever. The LA Times has gutted one-third of its newsroom, with another 100-plus layoffs being announced on Tuesday. Time Magazine, Sports Illustrated, and The Washington Post stare at disaster. While the revenue issue is the first blow, the unionization of staff writers and employees at these outlets isn’t helping (via Axios):
Media cuts were so severe last year that most industry observers weren't expecting such intense cutbacks in 2024. But an ongoing bloodbath is decimating news outlets nationwide.
That's fueling a new round of conflict between unions and management as tensions run high.
[…]
Business Insider yesterday announced it was eliminating 8% of its workforce, months after a union strike over a contract impasse.
The L.A. Times this week laid off about 120 journalists (more than 20% of the newsroom), after cutting 74 newsroom positions in June. Two top editors resigned, less than two weeks after executive editor Kevin Merida stepped down Jan. 9.
TIME on Tuesday told staff about an unspecified number of layoffs across editorial, tech, sales and TIME Studios.
The Washington Post lost a whole newsroom's worth of talent at the end of last year through a buyout offer aimed at eliminating 240 jobs.
Condé Nast saw hundreds of union workers walk off the job Tuesday to protest hundreds of previously announced layoffs impacting approximately 5% of staff, or roughly 300 people.
Sports Illustrated's newsroom was gutted by sweeping layoffs after its parent company, The Arena Group, failed to make a $3.75 million quarterly payment to the group from which it licenses the Sports Illustrated brand.
Paramount CEO Bob Bakish warned employees yesterday that the company is planning a fresh round of layoffs.
The New York Daily News editorial union walked off the job yesterday to protest "chronic cuts" by its owner, private equity firm Alden Capital.
Forbes' newsroom union began a three-day walkout yesterday, arguing management was union busting. Its CEO announced layoffs later that afternoon hitting roughly 3% of the company.
With interest rates high, the publication added these companies cannot take on new debt to bridge any shortfalls to buy time to figure out how to stay afloat. For the woke kiddos who thought they could pull off a Marxist renovation of America’s news industry, sorry, but it’s not happening.
And while I do feel bad for when most people lose their jobs, these corrupt liars can languish in a sewer. I’ve never seen a class of folks view themselves on par with first responders regarding essentiality. Even worse, some viewed themselves as knights protecting the tenets of freedom and democracy. The Washington Post’s ‘democracy dies in darkness’ perfectly captures that sentiment.
They also viewed non-liberals with scorn that oozed off the pages. ‘Learn to Code’ was created by them to mock the scores of coal miners who were about to lose their jobs thanks to Obama’s war on coal. Now, they’re getting a taste of their own medicine, and it’s delightfully satisfying.
We all see you drowning, liberal media. But no one cares.