Financial difficulties have forced the Los Angeles Times to cut off around 20% of its newsroom, the newspaper announced on Tuesday.

According to the newspaper, it will let go of at least 115 employees, marking the biggest layoff in its 142-year existence.

The announcement comes in the wake of numerous huge layoffs in the US media sector, which have occurred at publications, including Sports Illustrated and indie music publisher Pitchfork.

A reporter called it a "dark day" for the LA Times.

The owner of the newspaper claimed in a report released on Tuesday that the significant and unsustainable financial losses of $30 million (£23.6 million) to $40 million annually were the cause of the layoffs.

"Today's decision is painful for all, but it is imperative that we act urgently and take steps to build a sustainable and thriving paper for the next generation," said Patrick Soon-Shiong.

Employees of the newsroom union were notified in a memo that 94 guild-covered positions were among the ones being dismissed. The newspaper claims that this represents a fourth of all guild members.

"It's a dark day at the Los Angeles Times," said Matt Pearce, a reporter at the newspaper and president of Media Guild of the West. "Many departments and clusters across the newsroom will be heavily hit."

Among those impacted were senior editors, including Kimbriell Kelly, the chief of the Washington bureau. A number of photographers who had won awards, as well as the paper's video unit were also let go.

Staff members staged a one-day walkout on Friday in protest after receiving a warning from Mr. Soon-Shiong that he would be laying off employees. Following the walkout, managing editor Sara Yasin announced her resignation on Monday, citing "personal and professional decisions."

Kevin Merida, the executive editor of the paper, also recently departed.

Mr. Soon-Shiong attributed the newspaper's current financial difficulties to previous leadership in an interview with the Los Angeles Times. According to him, the newspaper has struggled to produce consistent advertising revenue and has not met its targets for digital subscribers.

"It is indeed difficult to reflect upon the recent tumultuous years, during which our business faced significant challenges, including losses that surpassed $100 million in operational and capital expenses," stated the CEO.

However, Mr. Soon-Shiong stated that he continues to support the business and has faith in its prospects. In 2018, he paid $500 million to purchase the LA Times, its sister publication, the San Diego Union-Tribune, as well as a few other media properties.

We don't live in chaos. He stated, "We actually have a plan.

There is a significant disturbance in the US news sector at the same time as the layoffs.

Following the publisher's failure to pay licencing fees to the magazine's parent business, Sports Illustrated's union said last week that the publication intended to lay off almost all of its unionised workforce.

Additionally, last autumn, Conde Nast—the publisher of illustrious magazines like Vanity Fair, The New Yorker, and Vogue—announced its intention to fire over 300 staff members.

Conde Nast said last week that all of its employees will be laid off as a result of the reorganisation, which includes the integration of its music journalism website Pitchfork into GQ Magazine.

CEO of Amazon Jeff Bezos owns The Washington Post, which recently offered voluntary buyouts to employees due to projected losses of over $100 million in 2023.Financial difficulties are the reason for the Los Angeles Times' announcement on Tuesday that it will be cutting off around 20% of its newsroom.

According to the newspaper, it will let go of at least 115 employees, marking the biggest layoff in its 142-year existence.

The announcement comes in the wake of numerous huge layoffs in the US media sector, which have occurred at publications including Sports Illustrated and indie music publisher Pitchfork.

For the LA Times, a reporter called it a "dark day".

The owner of the newspaper claimed in a report released on Tuesday that the losses of $30 million (£23.6 million) to $40 million annually were the cause of the layoffs.

"Today's decision is painful for all, but it is imperative that we act urgently and take steps to build a sustainable and thriving paper for the next generation," stated Patrick Soon-Shiong.

Employees of the newsroom union were notified in a message that 94 guild-covered positions were among the ones being dismissed. The newspaper claims that this represents a fourth of all guild members.

Reporter Matt Pearce, who is also the president of Media Guild of the West, described the day as "dark" at the Los Angeles Times.
"Many departments and clusters across the newsroom will be heavily hit."

Among those impacted were senior editors, Kimbriell Kelly, the chief of the Washington bureau. A number of photographers who had won awards as well as the paper's video unit were let go.

Staff members staged a one-day strike on Friday in protest after receiving word that Mr. Soon-Shiong would be laying off employees.

Following the walkout, managing editor Sara Yasin announced her resignation on Monday, citing "personal and professional decisions."

Kevin Merida, the executive editor of the paper, also recently departed.

Mr. Soon-Shiong attributed the newspaper's current financial difficulties to previous leadership in an interview with the Los Angeles Times.

According to him, the newspaper has struggled to produce consistent advertising revenue and has not met its targets for digital subscribers.

We don't live in chaos. He stated, "We actually have a plan.

There is a significant disturbance in the US news sector at the same time as the layoffs.

Additionally, last autumn, Conde Nast—the publisher of illustrious magazines like Vanity Fair, The New Yorker, and Vogue—announced its intention to fire over 300 staff members.

Conde Nast said last week that all of its employees will be laid off as a result of the reorganisation, which includes the integration of its music journalism website Pitchfork into GQ Magazine.
CEO of Amazon Jeff Bezos owns The Washington Post, which recently offered voluntary buyouts to employees due to projected losses of over $100 million in 2023.