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The Associated Press announced on Monday that it would begin offering buyouts and laying off selected employees, with plans to reduce the outlet’s work force by 8%.
The outlet intends to accelerate a transition to a “digital-first organization.”
NEW: The Associated Press plans to reduce its workforce by 8% through a combination of buyouts and layoffs. https://t.co/j9zey8GfXQ
— Axios (@axios) November 18, 2024
From the Associated Press:
The AP said those eligible for buyouts were to learn of the offer, which would include severance pay and partial health coverage for 18 months, by the end of Monday. Those whose positions are due to be eliminated would learn about their fates over the next few weeks.
Once considered the world’s largest newsgathering organization, the AP no longer makes that claim and does not reveal the size of its staff. As a result, it was impossible to say on Monday how many people would be affected. The AP said less than half of the anticipated cuts would involve its news employees, with the bulk happening within the United States.
The News Media Guild said that 121 of its members would be offered buyouts. The AP, without giving an estimate, said there would be fewer job cuts than that among the union members.
For years, news executives have had to make cutbacks because solutions to their business problems have proven elusive, said Gabriel Kahn, who helps run the media, economics and entrepreneurship program at the USC Annenberg School for Communication and Journalism. It has become even tougher in the past couple of years as the work of journalists has become much less visible on social media, due to changes in search algorithms and artificial intelligence, he said.
In another sign of the decline in legacy “news” media, the Associated Press announced layoffs amid losses in revenue and audience share.
The Associated Press said Monday it would begin offering buyouts and lay off selected employees, part of a plan to reduce the news outlet’s… pic.twitter.com/fscxwCyb91
— Wall Street Mav (@WallStreetMav) November 18, 2024
Per Axios:
AP is a not-for-profit agency, which means its profits must be reinvested further into the organization.
In recent years, it’s pushed to grow its income by investing in different business areas, like advertising. But the broader ad market is slow for news companies right now.
In a note to staff, AP’s CEO Daisy Veerasingham said the company plans to reduce its workforce by 8% through a combination of buyouts and layoffs.
Less than half of the staff reductions will impact the news division, she noted.
The company will offer a voluntary separation plan to a small number of eligible staff, based on department, role and length of employment, Veerasingham wrote.
She added that the AP has reached a tentative agreement with the News Media Guild to extend the buyout offer to some of its unionized staff in the U.S. that’s subject to union ratification.
In another blow to legacy media, CNN expects its looming layoffs to impact hundreds of employees.
The firings may affect on-air talent.
DEVELOPING: Massive Layoffs Expected At CNN, May Impact ‘High-Paid Staff’