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24 Jan 2024 - 10:05 am

Los Angeles Times slashes more than 20% of newsroom staff as the paper confronts a ‘financial crisis’
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The Los Angeles Times on Tuesday, facing what senior leadership described this week as a “financial crisis,” commenced a round of painful layoffs across the newsroom, a workforce reduction that is set to be one of the most severe in the newspaper’s 142-year history.
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The cuts will impact at least 115 journalists, the newspaper reported, or slightly more than approximately 20% of the newsroom. Some 94 of those cuts will be among unionized employees, union chief Matt Pearce said, meaning a quarter of the union will be laid off.

Pearce described the total number of employees being laid off as a “devastating” figure, but said it was “nonetheless far lower than the total number” expected last week.

A spokesperson for The Times, which is owned by biotech billionaire Dr. Patrick Soon-Shiong, did not immediately comment.

The newspaper, which houses the largest newsroom in the western US, has plunged into disarray in recent weeks as it faces a major financial shortfall, losing tens of millions of dollars a year. Its top editor, Kevin Merida, suddenly announced his departure. And two of the four members of an interim leadership team announced by Soon-Shiong have also abruptly exited in recent days.

Elishaanona

24 Jan 2024 - 09:00 am

Los Angeles Times slashes more than 20% of newsroom staff as the paper confronts a ‘financial crisis’
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The Los Angeles Times on Tuesday, facing what senior leadership described this week as a “financial crisis,” commenced a round of painful layoffs across the newsroom, a workforce reduction that is set to be one of the most severe in the newspaper’s 142-year history.
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The cuts will impact at least 115 journalists, the newspaper reported, or slightly more than approximately 20% of the newsroom. Some 94 of those cuts will be among unionized employees, union chief Matt Pearce said, meaning a quarter of the union will be laid off.

Pearce described the total number of employees being laid off as a “devastating” figure, but said it was “nonetheless far lower than the total number” expected last week.

A spokesperson for The Times, which is owned by biotech billionaire Dr. Patrick Soon-Shiong, did not immediately comment.

The newspaper, which houses the largest newsroom in the western US, has plunged into disarray in recent weeks as it faces a major financial shortfall, losing tens of millions of dollars a year. Its top editor, Kevin Merida, suddenly announced his departure. And two of the four members of an interim leadership team announced by Soon-Shiong have also abruptly exited in recent days.

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24 Jan 2024 - 07:39 am

Why do we have right-on-red, and is it time to get rid of it?
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In America, traveling through red lights on right turns has become a rule of the road. Frequently, you get honked at if you don’t speed through fast enough.

But the widespread driving practice is now coming under scrutiny, and facing government curbs, for being too dangerous.

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Years ago, right-on-red was mostly limited to California and a few other western states. Woody Allen famously declared in “Annie Hall” that he’d never live in Los Angeles because the city’s “only cultural advantage is that you can make a right turn on a red light.”

Right-on-red spread across the country in the 1970s in response to the Arab oil embargo against the United States and oil rationing. States introduced it as a gas-savings measure: The theory was that it would reduce idling at red lights.
Congress sped up states’ adoption of right-on-red laws with a provision in the 1975 Energy Policy and Conservation Act. It tied states’ eligibility for federal energy assistance to allowing right-on-red “to the maximum extent practicable consistent with safety.”

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By 1972, 13 states allowed RTOR, according to a legislative history of the practice in Connecticut. By the end of the decade, nearly every state in the country had it. (Although not New York City — and the patchwork of municipalities which do or don’t allow it only adds to the behind-the-wheel confusion.)

Thomasken

24 Jan 2024 - 07:32 am

Netflix gains more than 13 million subscribers in the fourth quarter
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Netflix announced a major boost in sign-ups in the fourth quarter on Tuesday. The company added more than 13 million subscribers for the quarter, compared to Wall Street’s expectation of 8.7 million.

While Netflix added 1.2 million paid subscribers in the fourth quarter in the US, much of the strongest subscriber growth came internationally from Europe and Asia.

Overall, Netflix now has a record number of subscribers at 260.3 million.

And investors seem to be cheering: Netflix’s stock jumped more than 7% in after-hours trading Tuesday.

Password sharing and Netflix’s foray into ads
In the past year, the company implemented several initiatives aimed at adding subscribers, including a password-sharing crackdown that pushed password “borrowers” into creating their own subscriptions and introducing an advertising-supported subscription tier for $6.99.

The plan is significantly cheaper than Netflix’s ad-free offerings, at $6.99 per month in the US. In October, Netflix said it raised the price of its premium ad-free plan to $22.99 while its one-stream basic plan rose to $11.99.
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Earlier this month, Amy Reinhard, Netflix’s president of advertising, said Netflix’s ad tier hit more than 23 million monthly memberships.

On Tuesday, Netflix sounded a positive note on its growing advertising business.

On the company’s fourth-quarter earnings call, Netflix co-CEO Greg Peters said he had high hopes for Netflix’s ability to snatch ad dollars from traditional TV competitors.

“We know ad dollars follow engagement. We’ve got the most engaged audience so we believe we’re well positioned to capture some of that ad spend that shifts from linear to streaming,” he said.

In Tuesday letter to shareholders, Netflix declared its password-sharing crackdown a success, as well.

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24 Jan 2024 - 04:00 am

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