The far-left Washington Post and Los Angeles Times are losing tens of millions of dollars annually.
After decades of spreading bias, lies, conspiracy theories, and political violence, the chickens have finally come to roost at these dreadful publications.
“A new report saying billionaire Patrick Soon-Shiong has sunk hundreds of millions of his own money into an unprofitable Los Angeles Times underscores how desperate the news industry is to chart a plan for survival in the digital era,” reports the equally dreadful Axios.
“Soon-Shiong has said in meetings that he had put nearly $1 billion into the L.A. Times,” the Axios report adds. “He paid $500 million for the paper and related assets and has had to spend an estimated $300 million in additional cash over the last five years[.]”
That’s $60 million annually, or $5 million monthly in losses.
The Washington Post reportedly lost $100 million in 2023. That’s more than $9 million a month.
Staff cuts at both obscene outlets are a constant threat, especially at the L.A. Times, which just announced a “massive” number of layoffs.
Why is this happening? Allow me to count the ways…
The far-left Axios goes on to explain how the same problems are hitting outlets like CNN, which are still profitable:
That includes CNN, where new CEO Mark Thompson unveiled his strategy in a memo Wednesday that carried the rallying cry: “We need to organize around the future not the past. We need to recapture some of the swagger and innovation of the early CNN.”
What Axios fails to explain is why CNNLOL is still profitable….
The free market is not sustaining CNN. How could it? No one watches CNN. What sustains CNN are the 50 million morons who still subscribe to cable/satellite television. All 50 million subsidize CNN with a portion of their cable bill. This is called a carriage fee, and with the affirmative action of a carriage fee, CNN would’ve imploded into bankruptcy a decade ago. There is no way CNN could ever survive on merit: advertising rates based on viewership numbers.
The threat to CNN is streaming. There was a time when more than 100 million households subsidized CNN through their cable bill. As Americans wise up and move to streaming, which is much cheaper, left-wing cable channels lose a fortune without those carriage fees.
The corporate media are so unpopular and distrusted that they can no longer survive without billionaires or cable companies subsidizing them — or you stupes who still subscribe to cable making that possible.
These people hate me just like they hate all normal people. I won’t even pretend to play a violin over their woes.
Breitbart News is hiring…
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