William Lewis aims to reverse the Post’s contraction in online readership

  • William Lewis, CEO of the Washington Post, plans to create a ‘third newsroom’ focused on social media and service journalism
  • Lewis’s startup, the News Movement, creates content for TikTok, Instagram, and YouTube
  • The goal of the ‘third newsroom’ is to reach and generate revenue from audiences who are unlikely to pay for subscriptions
  • Lewis faces controversies related to a U.K. hacking scandal and his tactics as a journalist
  • The News Movement generated seven figures in revenue last year and expects to double its revenue this year

William Lewis, the CEO of the Washington Post, has announced plans to create a ‘third newsroom’ that will focus on social media and service journalism. Lewis, who co-founded the startup the News Movement in 2020, aims to embrace the power of social media rather than resist it. The News Movement creates short, vertical videos for platforms like TikTok, Instagram, and YouTube, targeting a Gen Z audience. Lewis’s goal is to reverse the Post’s contraction in online readership and stem financial losses. The ‘third newsroom’ will aim to reach and generate revenue from audiences who are unlikely to pay for subscriptions but engage with the Post’s content on social media. However, Lewis faces controversies related to a U.K. hacking scandal and his tactics as a journalist. Despite this, the Post’s owner, Jeff Bezos, has expressed his support for Lewis and emphasized the importance of developing the Post’s business. The News Movement, which acquired the politics-focused news site the Recount last year, generated seven figures in revenue in 2023 and expects to double its revenue this year. The startup primarily makes money through a separate unit that helps brands create promotional content on social media. The Post’s move to create a ‘third newsroom’ reflects the industry-wide trend of news outlets exploring new business models and targeting younger readers. The Post has previously diversified its coverage with sections like the Lily, Launcher, and Voraciously, but has still experienced sliding traffic and subscriptions. The ‘third newsroom’ is part of the Post’s effort to grow subscriptions through more flexible payment options and reach untapped audiences. The goal of the ‘third newsroom’ is to create a team focused on developing new products and experiences, similar to the New York Times’ unit that includes video and audio. As Lewis sets his strategy in motion, he faces ongoing controversies and scrutiny. Despite this, employees at the Post have shown support for Lewis, and the publisher has emphasized its commitment to journalistic standards and ethics.·

Factuality Level: 2
Factuality Justification: The article contains a mix of relevant and irrelevant information, including details about the CEO’s plans for the Washington Post, controversies surrounding him, financial performance of the News Movement, and the Post’s efforts to reach new audiences. However, it lacks depth in analyzing the impact of these factors on the media landscape and presents some information without proper context.·
Noise Level: 3
Noise Justification: The article provides relevant information about William Lewis’s plans to transform the Washington Post and the controversies surrounding him. It includes details about the News Movement’s strategy and financial performance, as well as insights from industry experts. However, the article contains some repetitive information and could benefit from more in-depth analysis and exploration of the consequences of Lewis’s actions.·
Public Companies: The Washington Post (N/A), Dow Jones (N/A)
Private Companies: The News Movement
Key People: William Lewis (CEO of The Washington Post), Jeff Bezos (Owner of The Washington Post), Ramin Beheshti (CEO and co-founder of The News Movement), Jim Friedlich (CEO of the Lenfest Institute for Journalism), S. Mitra Kalita (Founder of Epicenter and URL Media), Matthew Goldstein (Digital-media consultant), Matt Murray (Editor in chief of The Washington Post), Robert Winnett (Veteran British journalist), Sally Buzbee (Former Executive Editor of The Washington Post), Cameron Barr (Former senior managing editor of The Washington Post), Patty Stonesifer (Interim CEO of The Washington Post), Isabella Simonetti (Contributor)

Financial Relevance: Yes
Financial Markets Impacted: The article pertains to the financial markets and companies impacted by the digital transformation and revenue generation strategies of the Washington Post under the new CEO, William Lewis.
Financial Rating Justification: The article discusses the plans of the new CEO of the Washington Post, William Lewis, to carry out a digital transformation and reverse the contraction in online readership. It also mentions the goal of generating revenue from audiences who are unlikely to pay for subscriptions but engage with the news outlet’s content on social media platforms. These strategies and goals have implications for the financial performance of the Washington Post and its position in the media industry.·
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: ·

Reported publicly: www.wsj.com