Posted on 01/08/2024 1:09:30 PM PST by Red Badger
The Washington Post appears to be doomed as the left-wing newspaper continues to face major losses, a new report has revealed.
According to the report from Puck News, the Post is facing collapse as it loses $100 million a year.
The eye-watering losses are due to a failing business model, the report argues.
Aside from financial woes, the corporate media outlet has also lost over half of its online engagement by the end of 2023.
The signs were already there by the middle of last year and the worst has come to pass.
The vast wealth of the Post’s billionaire owner Jeff Bezos has helped mask some of the issues plaguing the paper.
However, the tide can only be held back so long.
For an outlet with such high overhead costs to lose over 50 percent of its online viewership is catastrophic.
Subscriber numbers have also plummeted since President Donald Trump left office.
The data shows subscribers nosediving throughout Democrat President Joe Biden’s administration.
The outlet, which has focused heavily on its political attacks against Trump, has suffered dramatically without him in the White House.
The 45th president has been firmly back in the headlines the last year, though.
Nevertheless, the Post has continued its downward spiral.
If Trump being charged with multiple felonies isn’t enough to save the once-storied paper, it’s hard to imagine what could.
So far, it’s unclear where Bezos will go from here.
The path the news outlet is currently on is vastly unsustainable.
Continuing to dump money into a sinking ship is a bad investment.
However, the Post’s leaders are more beholden to their left-wing radicalism than market forces.
Therefore, there is no reason to think the ship can ever be saved.
Bezos probably doesn’t care, he will eat the losses. Hell I believe I read just the day to day maintenance / overhead of that butt ugly new yacht is 60 million a year. More when he takes it out.
Indeed, he has plenty of FU America money.
Doomed? I don’t believe that. The way this system works is that they do the Democrats a favor, and even though it hurts you financially with the general public, you are rewarded through the largess of the taxpayers money as well as immunity from any governmental action against anything shady you may be involved with. Bezos can afford to lose money with the Post as long as he receives favorable treatment elsewhere. That’s how the game is played.
WIKI
In 1929, financier Eugene Meyer, who had run the War Finance Corp. since World War I, secretly made an offer of $5 million for the Post, but he was rebuffed by Ned McLean. On June 1, 1933, Meyer bought the paper at a bankruptcy auction for $825,000 three weeks after stepping down as Chairman of the Federal Reserve. He had bid anonymously, and was prepared to go up to $2 million, far higher than the other bidders. These included William Randolph Hearst, who had long hoped to shut down the ailing Post to benefit his own Washington newspaper presence.
The Post’s health and reputation were restored under Meyer’s ownership. In 1946, he was succeeded as publisher by his son-in-law, Philip Graham.
In October 2013, the Graham family sold the newspaper to Nash Holdings, a holding company owned by Jeff Bezos, for $250 million.
The newspaper’s 21 current foreign bureaus are in Baghdad, Beijing, Beirut, Berlin, Brussels, Cairo, Dakar, Hong Kong, Islamabad, Istanbul, Jerusalem, London, Mexico City, Moscow, Nairobi, New Delhi, Rio de Janeiro, Rome, Seoul, Tokyo, and Toronto. In November 2009, the newspaper announced the closure of three U.S. regional bureaus in Chicago, Los Angeles and New York City, as part of an increased focus on Washington, D.C.-based political stories and local news. The newspaper has local bureaus in Maryland (Annapolis, Montgomery County, Prince George’s County, and Southern Maryland) and Virginia (Alexandria, Fairfax, Loudoun County, Richmond, and Prince William County).
The Post’s average printed weekday circulation is 159,040, making it the fourth largest newspaper in the country by circulation.
For many decades, the Post had its main office at 1150 15th Street NW. This real estate remained with Graham Holdings when the newspaper was sold to Jeff Bezos’ Nash Holdings in 2013. Graham Holdings sold 1150 15th Street, along with 1515 L Street, 1523 L Street, and land beneath 1100 15th Street, for $159 million in November 2013.
Staff writers ~1,050 (journalists)
https://en.wikipedia.org/wiki/The_Washington_Post
“Bezos can afford to lose money with the Post as long as he receives favorable treatment elsewhere.”
People are betting most of the value of their Amazon stock on that.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.