Steve Hills, president and 28-year veteran of the Washington Post, is stepping down by the end of the year.
According to a piece in the Post, Hills was the first WaPo executive who recommended the sale of the paper to bolster its finances in the wake of declining ad and circulation revenues.
“Steve was the first person who said we should at least look at the option of selling it,” former publisher Katharine Weymouth. “At the time he first raised it, it was so not on anyone’s radar — we had never talked about it before.”
Amazon's Jeff Bezos bought the paper for $250M in 2013.
Hills blessed the Bezos' deal because he believed companies succeeding in journalism are primarily technology companies.
Hills joined the paper as intern in 1986. He joined the ad department in 1987 and rose to VP-advertising in 1993. He assumed the presidency in `02.
“Steve took pride in the newsroom’s achievements and sought to be supportive,” Martin Baron, executive editor told the Post. “Like every other business executive in our field, however, he also had to navigate a really brutal financial environment. That’s not easy, and Steve’s an unabashed realist.”
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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