WaPo CEO on news industry cutbacks: ‘The existing model is creaking’
The news industry must evolve its existing models to attract new generations of readers, Washington Post CEO Will Lewis said in an interview published Saturday.
“The existing model is creaking,” Lewis told Semafor's Ben Smith amid a recent surge in layoffs and cutbacks at U.S. media organizations, including at the Post.
The British media executive, who took over at the newspaper this month, said young Americans are less likely to pay for monthly or annual subscriptions to access journalism. Lewis suggested the solution lay in part with daily or weekly passes, as well as donation-based models.
“I’m pretty excited about it. I think it’s newsroom 3.0,” he said.
Lewis added that the Post would be "embracing AI in a much more effective way."
The CEO was optimistic he would not have to further “cut costs” at the Post after the company recently shrank newsroom operations, offering voluntary buyouts to some 240 employees.
“I’m here to grow the business,” he told Semafor, acknowledging additional financial support offered by the newspaper’s owner, billionaire Jeff Bezos.
“When any journalist’s job goes, it’s more than sad, right?” Lewis said of the spate of industry layoffs.