2024-01-19 19:39:49
DECRYPTAGE- The Washington Post, Los Angeles Times and Time Magazine newspapers, bought last decade, are experiencing economic difficulties.
In 2018, billionaire biotechnology star Patrick Soon-Shiong bought the Los Angeles Times for $500 million. Determined to make his influence prosper in California, the surgeon who made his fortune in cancer treatments promised the editorial staff to return to profitability by taking on the major digital challenges.
Six years later, his bet finally turned into a real financial pit: the New York Times reveals that the stock loses more than 30 million dollars each year, despite tens of millions reinvested. The dismissal of 74 employees last year was not enough to absorb its losses, to the point that the Los Angeles Times is already considering a new cut in its workforce in January 2024.
Also read: Jeff Bezos’ Washington Post sinks into crisis
The difficulties encountered by the American media prove that even the finest technological geniuses struggle to find the magic formula to monetize their audiences endlessly. Patrick Soon-Shiong, but…
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