New York Times, Wall Street Journal Plunging Profits Result In Staff Cuts
(Last Updated On: November 3, 2016)

Amidst a year of propaganda-pushing, biased reporting, fact-free coverage and cover-ups of scandals rocking the nation, the New York Times, Wall Street Journal and Gannett have all had to undergo major staff cuts through buyouts and layoffs.

According to Poynter, 19 union workers have been laid off from the Wall Street Journal amid falling revenue and dwindling profits. They also report that at least 48 employees have taken voluntary buyouts from the news organization who now finds itself fledgling in the market like a chick hatched fresh out of the nest.

This was in result of the Wall Street Journal being 30% off its targeted revenue margins, according to a report from Politico.

The Union has plans on challenging the layoffs of union workers as soon as they receive the layoff notices through the IAPE office. While noble, the reality is that the 48 buyouts still tell a tale of the Wall Street Journal tanking.

The New York Times hasn’t fared much better, according to various reports from a number of different outlets. While Daily Mail and Breitbart are reporting 97% drops in quarterly profit, others like Fortune are reporting that quarterly operating profits only fell by 59%.

The drop was due to buyouts, just like what the Wall Street Journal has been doing. According to Fortune, the New York Times took out a $13 million dollar severance pay charge for the buyouts.

Those same buyouts put the digital and print magazine in the red for the nine months under the current fiscal year by $14 million. This is compared to the same period in 2015 seeing the magazine in the black by $11 million.

On the upside, for the New York Times, they’ve seen an uptick in both revenue and profit from the digital front and their subscribers – the latter of which tallies up to 116,000 – but the digital side of the magazine being up has not been enough to offset the loses from the print production.

Reuters has a very one-sided look at the news, completely forfeiting to mention the buyouts, the profit-loss and being in the red, only opting to report that the New York Times is doing “better than expected”, while selectively quoting some of the quarterly figures.

It’s the lop-sided, fact-blind reporting from major news media that has led a lot of people away from those outlets. This has also caused a lot of people to lose trust in the media, so much so that trust in American mainstream media has fallen to just 32%.

This all comes after a string of misinformation regarding hot button topics like the election, sociopolitics and even enthusiast pastimes like video games with biased and untruthful coverage of #GamerGate.

More specifically, the New York Times has printed lots of misinformation about gaming, was one of the sites saying that #GamerGate was a harassment campaign targeting Anita Sarkeesian, and even managed to do a half-arsed review of Kingsglaive: Final Fantasy XV to top it off.

As the old saying goes: if these websites can’t be trusted to cover video games truthfully, what hope is there for them to cover more important topics truthfully?

(Main image courtesy of RedusTheRiotAct)


Ads (learn more about our advertising policies here)



About

Billy has been rustling Jimmies for years covering video games, technology and digital trends within the electronics entertainment space. The GJP cried and their tears became his milkshake. Need to get in touch? Try the Contact Page.