According to multiple sources who wish to remain anonymous, The Washington Post, owned by Amazon founder Jeff Bezos, is projected to lose around $100 million in 2023, marking a significant downturn for the outlet. The Post’s subscription numbers have also shown signs of slowing growth, peaking at 3 million digital subscribers following the 2020 election and dwindling to about 2.5 million now.
Disappointing Revenue Figures
The same insiders also disclosed that The Post’s anticipated advertising revenue for 2023 is expected to fall short of expectations. The projections indicate that despite Bezos’s immense financial backing and strategic measures, The Post faces an uphill struggle to increase its paid customer base and advertising revenue streams.
Leadership Changes and Challenges
Fred Ryan’s Departure
Adding to The Post’s difficulties, the CEO Fred Ryan announced his exit from the company, due to step down in August. Several sources noted that Ryan’s missteps contributed significantly to the low morale within the company, according to comments made by Sally Buzbee, The Post’s executive director. The news of Ryan’s departure came as a surprise, raising questions about Bezos’s involvement in the decision and fostering speculation about potential shifts towards younger leadership.
Increased Involvement of Bezos
Despite these challenges, there are signs of renewed commitment from Bezos. Starting in January, amid dropping staff morale and financial hurdles, Bezos has increased his involvement in The Post’s operations, even making a rare appearance in the newsroom and sitting in on a morning news meeting.
A Look Back at Bezos’s Tenure
Bezos, having founded Amazon and revolutionized online shopping, embarked on a new venture in 2013 when he purchased The Post for $250 million, in one of the most significant media acquisitions of the last decade. His vision was to convert the outlet from a regional entity to a truly global one. This endeavor necessitated a strategic shift in staff roles, with positions being renamed as ‘analysts’ or ‘strategists’ to keep the “indirect” numbers down, according to a workaround strategy described by Martin Baron, the executive editor at The Post at the time of Bezos’s acquisition. Despite these changes, The Post continues to struggle financially. However, in a recent statement, The Post’s interim CEO Patty Stonesifer projected an optimistic view of the future. “I’m very enthusiastic about what we can do here at The Washington Post in the decade ahead,” she said. “Jeff’s second decade of ownership of The Post should be even more exciting.”
Bezos’s Vision for The Post
Under Bezos’s ownership, The Post adopted the slogan “Democracy Dies in Darkness” in 2017 and aimed to increase its reach globally. Bezos encouraged The Post’s employees to experiment digitally and provided ample financial support to expand the newsroom. He also brought in Fred Ryan, former CEO of Politico, as the publisher, and selected Sally Buzbee to succeed Martin Baron as the top editor in 2021.
Bezos’s Future Role and The Post’s Prospect
Despite a retreat from the newsroom over the years, Bezos’s recent re-engagement with The Post’s operations seems to signify a potential shift in his role. One source familiar with Bezos’s plans suggests that The Post had planned for 2023 to be a year for investment, indicating that Bezos may have long-term strategies for the outlet despite the projected financial loss. The insiders also revealed a new project, still unnamed, exploring a forum for readers in cities across the United States to submit their opinions and commentary, suggesting a possible strategy to engage more directly with readers and potentially boost subscriber numbers.
Despite the current challenges, The Post’s future could hold promise, especially with renewed involvement from Bezos. Although his second decade of ownership has seen an intense struggle, the potential for recovery and resurgence is high, and the coming years are bound to bring new challenges and opportunities for the iconic news outlet.
