The Los Angeles Times announced Tuesday that it is laying off 115 staffers, as billionaire owner Patrick Soon-Shiong looks to stem losses that have grown to $30-$40 million a year. Jeff Bercovici, the paper’s business editor, and Lindsay Blakely, the deputy business editor, also said on X that they had been let go, as were several other business staffers. In an interview with the L.A. Times, Soon-Shiong acknowledged that the layoffs were “painful for all,” but said they were necessary to build a sustainable business. The L.A. Times Guild staged a one-day walkout on Friday in protest of the planned layoffs. Soon-Shiong bought the paper for $500 million in 2018 and went about reinvigorating it by adding 150 editorial staffers.

Source: Los Angeles Times January 23, 2024 20:15 UTC