The Washington Post was once one of the best shows in journalism. no longer.
In an industry where being an employee is generally boring (except for the New York Post, of course), “WaPo,” as it's known in journalism circles, has really fallen into the abyss, On the Money has learned. .
Top reporters are hoping to move on from what they see as the worst new working conditions and the possibility of further layoffs.
Of course it's a shame. The paper and its journalists, who consider Bob Woodward and Carl Bernstein and their relentless pursuit of Watergate, set the gold standard for reporting. They are the reason so many people got into this business, including yours.
Indeed, like many great reporters, Mr. Woodward will remain with the paper. But readership and the paper's balance sheet plummeted due to the decline of print as a viable business model, as well as the leftward shift of a new generation of ink-soaked thugs who alienated readers.
The Post replaced the Graham family with Amazon founder Jeff Bezos a few years ago. He is one of the richest men in the world, but he hates losing money, people who know him told On the Money. That includes tens of millions of dollars a year that he invests in newspapers.
This year, Mr. Bezos is looking to break even in the industry and at least break even, with publisher Will Lewis, a former WSJ alum (WSJ and the New York Post share joint ownership). We welcomed a new management team. But it's not working, or working well enough to satisfy Mr. Bezos' desire to stop putting good money after bad, people close to him say.
That's why, in addition to financial discipline (recent layoffs, and there may be more to come), Lewis is calling for personal discipline as well.
Since the coronavirus outbreak, many reporters have been working from home. The company hopes to have them back in the office five days a week starting next June, according to an internal memo. It may also have the effect of weeding out staff (and cutting losses), as reporters who live in the suburbs may quit rather than return to work in downtown Washington, D.C.
These people added that resumes are flying out the door faster than President Trump can say, “They're eating cats.”
“Work is tense right now,” said one WaPo reporter. “Everyone is upset about the return-to-office policy being put in place. Many people no longer live in the area and it's unclear if they have a job.”
The problem is that there aren't many places to go.
Reporters say their salaries are being set low because rival companies aren't doing as well and a distress trade is underway, akin to picking up talent in a fire sale on Wall Street. I am aware of this.
WaPo media representatives did not immediately respond to requests for comment.
