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Washington Post stands to lose $77 million this year, even before boycott broke out over non-endorsement: report

The Washington Post was already in financial trouble even before the recent boycott movement against the newspaper broke out.

A report from New York Magazine’s Intelligencer sheds light on a recent meeting in The Post’s newsroom, where top leadership revealed that the paper was on track to lose as much as $77 million this year, a figure that tops a staggering 250,000 subscribers it lost are not even included. about billionaire owner Jeff Bezos’ last-minute decision not to endorse Vice President Kamala Harris in the final days of the presidential race.

“(It’s) not a surprise at all,” a Post employee told Fox News Digital in response to the report. “It means ‘buckle up’.”

Remarkably, the reported losses of $77 million reflect the exact figure Washington Post publisher Will Lewis said in May the newspaper lost last year.

WAPO STAFF CAN RESTORE UNSECURE PAPER AS BEZOS-OWN OUTLET BECAME 250,000 SUBSCRIBERS OVER APPROVAL FIASCO

WaPo Building

The Washington Post is reportedly on track to lose $77 million this year, not including losses from the recent boycott for not endorsing it. (Andrew Harnik/Getty Images)

The intelligence agency quoted other staffers, with one saying: “Anger is through the roof, and so is fear.”

“The top stories that do well convert 200 readers into subscribers,” another contributor told the magazine. “You do your best work hoping you convert 200 subscribers. And we lost 250,000 subscribers due to naivety and poor decision making.”

WASHINGTON POST NEWSROOM RAW OVER JEFF BEZOS’ ‘TONE-DEAF’ OP-ED DEFENSE OF NON-SUPPORT, STAFF SAYS

According to the report, The Post, which has suffered an exodus of high-profile talent in recent years, may have seen even more staffers flee. According to the report, some of the “most marketable journalists” are “looking for opportunities in other media outlets, even as the rut of the new Trump administration begins.”

A spokesperson for The Washington Post declined to comment on the revenue figures when asked by Fox News Digital.

Jeff Bezos speaks at an event

Billionaire Jeff Bezos bought The Washington Post in 2013. (SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)

The Post’s financial troubles have cast a cloud over the paper’s “Democracy Dies in Darkness” for years, but the newsroom was rocked by turmoil after Bezos halted the editorial board’s endorsement of Harris and instituted a new policy of no longer supporting to presidential candidates. .

That was met with swift backlash both inside and outside the newspaper and resulted in the loss of 250,000 Liberal subscribers, which was about 10% of its total subscriber base of 2.5 million, according to NPR.

JEFF BEZOS ADDS TO WASHINGTON POST SUPPORT FIASCO, cites media distrust led to ‘principled decision’

Kamal Harris

The Washington Post was said to be endorsing Vice President Kamala Harris before it was shut down by billionaire owner Jeff Bezos. (AP/Jacquelyn Martin)

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Bezos wrote an op-ed defending the decision, citing growing distrust in the media.

“We have to be accurate, and we have to be confident that we are accurate. It is a bitter pill to swallow, but we are falling short on the second requirement.” wrote Bezos. “Most people believe the media is biased. Anyone who does not see this pays little attention to reality, and those who fight reality lose. The reality is an undefeated champion. It would be easy to blame others for our long and continuing fall in the world. credibility (and therefore a decrease in impact), but a victim mentality will not help. Complaining is not a strategy. We must work harder to control what we can control to increase our credibility.

“By itself, refusing to support presidential candidates isn’t enough to move us very far on the trust scale, but it is a meaningful step in the right direction. I wish we had made the change sooner than we did, in a moment further away from the election and the emotions surrounding it. That was inadequate planning, not a deliberate strategy,” Bezos later admitted.