THE DAILY BEAST
‘THE PAPER IS DYING’
Employees were informed Wednesday of plans to freeze all new hiring, cut and even eliminate most freelance budgets, and lay off some staff.
The publisher of one of New York’s last remaining daily tabloids said its business had been “drastically destroyed” by the economic impact of the coronavirus crisis. During a series of calls with staffers on Wednesday, New York Post publisher Sean Giancola, announced that the company will take significant cost-cutting measures to keep the publication afloat following the “significant decrease in the advertising demand,” as business closures have shrunk budgets. People familiar with the matter told The Daily Beast that more than a dozen staffers were laid off. “The paper is dying,” said one staffer who was axed. Over the past several weeks, the Murdoch-owned Post has told its part-time staff of “runners” that they would be receiving months-long furloughs without pay until the crisis was over. The team that works on the paper’s luxury supplement Alexa were also furloughed last Friday alongside a number of staffers from the sports department. But in Wednesday’s meeting, Giancola said the Post would take a number of additional steps. The publication plans to freeze all new hiring, cut and even eliminate most freelance budgets, and lay off staff. And while the publisher said that he planned on bringing back furloughed staff after several months, he said he could not guarantee further layoffs in the near future.