I wish I could say it’s a proper market correction because people were tired of their lies and fake news narratives being published, but it’s not. It might partially be due to that, but the ad bubble burst, and those days will never return. The liberal media is bleeding all over, with some newsrooms being decimated over revenue issues. As Axios wrote this morning, it’s a “bloodbath.”
We saw the first signs of this in the early 2010s when news outlets began curbing local beats. Again, the gravy train was at its high point then, so most companies probably thought they could tread water, shifting all their energy to national news stories. Alas, nothing lasts forever. The LA Times has gutted one-third of its newsroom, with another 100-plus layoffs being announced on Tuesday. Time Magazine, Sports Illustrated, and The Washington Post stare at disaster. While the revenue issue is the first blow, the unionization of staff writers and employees at these outlets isn’t helping (via Axios):
Media cuts were so severe last year that most industry observers weren't expecting such intense cutbacks in 2024. But an ongoing bloodbath is decimating news outlets nationwide.
That's fueling a new round of conflict between unions and management as tensions run high.
