LA Times Reveals ‘Catastrophic’ $50 Million Revenue Loss in 2020 (Exclusive)
The Los Angeles Times and the San Diego Union-Tribune lost “north of $50 million” in revenue in 2020, company leadership told staffers at an all-hands meeting on Thursday. Chris Argentieri, the president of the two papers’ California Times parent company, described the losses as a “catastrophic drop in revenue for the company north of $50 million on top of a business that was already using cash and not producing cash,” according to a recording of the meeting obtained by TheWrap.
The majority of the losses came from print advertising, though digital advertising and print circulation also sustained some losses. “What we saw in 2020 was [an] acceleration of trends that we were well aware of and have been aware of, really, for far more than a decade,” Argentieri said. “We won’t go back, particularly in print advertising, to where we were.”
Also Read: Los Angeles Times Discloses $10 Million PPP Loan Screenshot from California Times meeting. This isn’t the first time the Times has lost revenue; in 2019, the paper’s losses amounted to about $20 million, according to an individual with knowledge of the matter. But the losses in the COVID year of 2020 have been much more damaging.