3 LA Times owner Patrick Soon-Shiong called the decision to lay off 115 employees “painful” but necessary to turn the money-losing paper around. According to Matt Pearce, president of Media Guild West, which represents LA Times staffers, roughly 94 of the 115 cuts will be among unionized employees. “This total, while devastating, is nonetheless far lower than the total number of Guild layoffs initially expected last week,” Pearce posted on X once news of the cuts broke. 3 The LA Times is losing roughly $30 million to $40 million a year, the owner said, emphasizing the urgent need for change. The owner said he’s invested almost $1 billion in the paper — after buying it for $500 million from Tribune Co., then called Tronc, in 2018.

Source: Los Angeles Times January 24, 2024 14:56 UTC