The Los Angeles Times, formerly known as ‘The Los Angeles Daily Times’, is an American daily newspaper. Founded in 1881, with its headquarters in California, it is the largest newspaper in the western United States and the sixth largest by circulation in the country.
According to recent reports, the Los Angeles Times announced plans to lay off about 115 employees, which amounts to 20% of its workforce, citing financial difficulties. The report further mentions that the newspaper subsequently incurred financial losses of $30 million USD to $40 million USD per year.
This is the largest lay off in L.A. Times history and the restructuring comes 6 years after the company was purchased by billionaire investor Patrick Soon-Shiong.
