Business

Jeff Bezos’ Washington Post Is On Pace To Lose $100 Million In Just A Year

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Amazon founder Jeff Bezos’ The Washington Post is projected to lose around $100 million in 2023, two individuals familiar with the Post’s finances told The New York Times.

Additionally, two other individuals briefed on the matter disclosed that the Post is projected to fall short of anticipated advertising revenue for 2023, according to the NYT. The Post has faced challenges in expanding its paid customer base since the 2020 election when it reached a peak of 3 million digital subscriptions compared to about 2.5 million now.

The four sources discussed the Post’s financial affairs on the condition of anonymity, according to the NYT. The Post’s CEO Fred Ryan announced in June that he would step down from his position in August. Ryan’s mistakes were largely responsible for the low morale at the company, executive director of the Post Sally Buzzbee said, individuals familiar with her statements told the NYT.

Since January, as staff morale became low and the business was facing challenges, Bezos  increased his participation in the Post’s operations, according to the NYT.

Bezos acquired the Post for $250 million in 2013 and his vision was to convert the outlet from regional to global, according to the NYT.

“I’m very enthusiastic about what we can do here at The Washington Post in the decade ahead,” the Post’s interim CEO Patty Stonesifer told the NYT. “Jeff’s second decade of ownership of The Post should be even more exciting.”