Washington Post To Eliminate 240 Jobs Through Voluntary Buyouts After 'Overly Optimistic' Projections

American daily newspaper The Washington Post is cutting its workforce by more than 200 through voluntary buyout offers. The media company owned by tech titan Jeff Bezos is looking to get back "to a healthier place" by 2024.

Interim CEO Patty Stonesifer told employees in an email Tuesday that voluntary buyouts – voluntary severance package offers for select employees – will be offered this week, as there was an "urgent need" to invest in the media company's top growth priorities, The Washington Post reported Wednesday.

"Our prior projections for traffic, subscriptions and advertising growth for the past two years – and into 2024 – have been overly optimistic," Stonesifer noted.

She added that she worked with senior leadership to offer the employee buyouts "in the hopes of averting more difficult decisions such as layoffs."

It is unclear if The Post's newsroom – which was hit by a headcount reduction early this year – will be affected by the layoffs. The Washington Post did not immediately respond to International Business Times' request for comment.

The Post laid off 20 newsroom staffers in January. The newspaper's executive director Sally Buzbee said at the time that "such changes are not easy," but "evolution is necessary for us to stay competitive, and the economic climate has guided our decision to act now." She added that the move should help The Post fulfill its mission "to scrutinize power and empower readers."

News of the layoffs came a few months after The New York Times reported in July that The Post was on track to lose some "$100M in 2023," citing two people with knowledge of the media giant's finances.

Citing two people with knowledge of the situation, The Times also reported in August 2022 that The Post's business had "stalled" in the last 12 months, with the organization on track to lose money in 2022 following years of profitability.

At the time, then-CEO Fred Ryan had floated to newsroom leaders the possibility of eliminating 100 positions. Back then, the newsroom reportedly had around 1,000 workers.

However, The Post isn't the only news organization that has reduced its workforce this year, as the media industry was also hit by an economic downturn that largely affected the technology sector.

In August, crypto media company CoinDesk cut its editorial unit by 45%, affecting around 20 staffers. The said outlet first broke the story that ultimately led to the collapse of Sam Bankman-Fried's crypto exchange FTX.

Cheddar News reportedly laid off around a dozen staffers, citing cost-cutting measures. It was reported that the news outlet also let go of six staffers from its YouTube team in April.

Other media companies that have joined the layoffs frenzy this year are Insider, which laid off around 10% of its workforce in April, and BuzzFeed, which announced the shutdown of its news operations in the same month.