El Segundo-based Los Angeles Times, a daily newspaper and specialty publication printer is going through hard financial times and has announced a 20% reduction in its newsroom workforce.
The reduction will impact 115 journalists, including reporters and editors.
Dr. Patrick Soon-Shiong, the billionaire owner of the paper, noted “It is indeed difficult to reflect upon the recent tumultuous years, during which our business faced significant challenges, including losses that surpassed $100 million in operational and capital expenses. We have invested almost a billion dollars, underscoring our dedication to preserving its legacy and securing its future. Today’s decision is painful for all, but it is imperative that we act urgently and take steps to build a sustainable and thriving paper for the next generation. We are committed to doing so. We are saddened to have to take this step and thank you for your work for the Los Angeles Times.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
