TWT CEO Larry Beasley (a.k.a. “Evil Santa”) and the gang of suits over off New York Avenue are contemplating another deep round of layoffs at the troubled newspaper. Sources say the next axe to fall may not be far off.
The reason: A TWT insider tells FishbowlDC that the publication is bleeding money. More specifically, management was told they had three years to get to zero subsidy from the parent company. Only six months are left on that timetable and TWT is still tens of millions away from breaking even. We’re told management is “cornered and desperate” and doesn’t have many cards to play.