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January 23, 2024

L.A. Times: 115 workers axed in major financial crunch.

TLDR: The Los Angeles Times has laid off 115 staffers in an effort to address its financial losses, which have reached $30-$40 million per year. The layoffs include both union members and non-union managers, with those employees with the least seniority being the most affected. Despite the turmoil, the paper’s owner, Patrick Soon-Shiong, insists that the paper has a plan and is not in chaos. The layoffs come just weeks after the resignation of the paper’s executive editor, Kevin Merida, and amount to about 20% of the newsroom. Soon-Shiong purchased the paper for $500 million in 2018 and has since invested millions of dollars to reinvigorate it. The layoffs are expected to be completed within the next 30 days.