Washington Post Offers Another Buyout
This story was written by Joseph Tartakoff.
The Washington Post (NYSE: WPO) announced its fourth round of buyouts in five years today, but this time the company is specifically targeting employees whose jobs don't need to be replaced. Last year, the paper said, 231 employees accepted buyouts, reducing the company's earnings by $79.8 million. The new buyouts will be spread across a range of departments, including the newsroom, production, circulation, advertising, and IT. The paper's newsroom is about 22 percent smaller than it was in 2003, the Post said. (The previous rounds of buyouts at the Post were aimed at replacing higher salaries with lower ones.) "While we expect to be able to achieve meaningful staff reductions through" the buyouts, "I am sorry to say that we cannot rule out layoffs in the future," said Publisher Katharine Weymouth in a memo to employees.
By Joseph Tartakoff