Financial Crisis Unveiled: Post publisher Will Lewis delivers a candid revelation of The Post's staggering $77 million loss over the past year, alongside a troubling trend of declining digital readership.
In his Wednesday morning address to staff, Post publisher Will Lewis presented a sobering assessment of The Post's financial situation, disclosing a $77 million loss over the past year and a steady decline in digital readership. "Let's be frank: We've been in a rut for some time now," he admitted.
Nevertheless, Lewis remained hopeful about The Post's future, unveiling a plan designed to navigate the publication through its current challenges. "We can overcome this together," he assured.
Implementing the plan will involve operating with a slightly reduced workforce following recent cost-saving buyouts. Executives will focus on reallocating resources and emphasizing areas with potential for growth.
The strategy unveiled on Wednesday was crafted with input from staff listening sessions, where concerns about the publication's current state were voiced, and "Fix It" groups, where employees collaborated on solutions.
While no specific start date was announced, The Post will begin trialing new initiatives in the coming months. This includes a product tailored for the Washington metro audience, featuring newsletters, guides, and exclusive experiences. Additionally, there are plans for a product exploring the intersection of climate and the economy.
Lewis expressed hope that this day would mark a turning point for the company. "Our aim is to become the premier destination for journalism and the most influential news source worldwide," he concluded.
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