The Washington Post was on track to lose $77 million this year even before a mass boycott erupted over its decision not to endorse a presidential candidate, New York magazine reported.
"The level of anger is through the roof, and fear is also through the roof," one Post staffer said.
The projected losses, which the paper’s leadership revealed in a recent staff meeting, do not account for the exodus of 250,000 subscribers upset over the paper not endorsing Vice President Kamala Harris’s presidential bid, according to New York magazine.
"The top stories that do well convert 200 readers to subscribers," another staffer told the magazine. "You’re doing your best work, hoping you convert 200 subscribers. And we lost 250,000 through naïveté and poor decision-making."
"[It's] not a surprise at all," another Post staffer said of the report. "It means ‘buckle up.’"
The Post, already reeling from the loss of high-profile talent in recent years, could see even more departures, with some of its "most marketable journalists" now "seeking out opportunities at other outlets," according to New York magazine.
Jeff Bezos, the paper’s billionaire owner, left many staffers shocked and upset when he barred the editorial board from publishing an endorsement of Harris, citing the need for neutrality.
"We must be accurate, and we must be believed to be accurate," Bezos wrote. "It’s a bitter pill to swallow, but we are failing on the second requirement."
"Complaining is not a strategy. We must work harder to control what we can control to increase our credibility," Bezos continued.