The Washington Post To Cut 240 Jobs, Guild Calls Move 'Egregious'

WASHINGTON, DC — The Washington Post announced Tuesday its decision to cut 240 jobs through voluntary buyouts after it "spent more than it ultimately could afford because of optimistic financial projections"— a move that The Washington Post Guild called "egregious."

The spending occurred as the company was seeing a period of growth, but that growth didn't continue as expected, interim CEO Patty Stonesifer apparently told employees Wednesday.

"The cuts will be the most dramatic staff reduction since billionaire Jeff Bezos bought the company in 2013," the outlet wrote.

Voluntary buyouts, which can include payment and benefits, are often offered to employees to encourage them to leave the company rather than laying them off.

According to The Washington Post Guild, the planned cuts will get rid of 10 percent of the company's workforce.

"We are infuriated about this decision and concerned for our dedicated, brilliant colleagues. Today’s announcement comes after at least 38 people were laid off over the last year," the Guild wrote in a statement on X, formerly known as Twitter. "Hard-working Post employees are going to lose their jobs because of a litany of poor business decisions at the top of our company."

The Guild continued to condemn the cuts in a series of follow-up tweets.

"We cannot comprehend how The Post, owned by one of the richest people in the world, has decided to foist the consequences of its incoherent business plan and irresponsibly rapid expansion onto the hardworking people who make this company run," it wrote, in part. "It feels especially egregious when our colleagues are in the midst of covering and delivering urgent + unrelenting news from around the world, including 2 wars, a presidential election, assaults on American democracy, the growing climate catastrophe + an affordable housing crisis."

The Guild added that it is working to secure the best buyout packages possible for its members.

Founded by independent-minded Democrat Stilson Hutchins, The Washington Post began publishing Dec. 6., 1877 with a circulation of 10,000, according to the company's website. In 2022, The Washington Post ranked #4 on a list of the most widely-circulated newspapers in the United States, with an average print circulation of 159,040.

Patch reached out to The Washington Post for comment.