Tang, whose appointment takes effect immediately, becomes the first female editor in the paper’s 142-year history.
Soon-Shiong moved quickly to name the new leader to settle a newsroom roiled by substantial layoffs, a one-day strike and the loss of three top editors in the last two weeks. In turning to Tang, a respected journalist who earlier in her career worked at the New York Times, Soon-Shiong selected a leader with whom he had already established trust.
The Times laid off about 120 journalists this week to cut costs to reduce the financial losses the Soon-Shiong family has absorbed since they acquired the organization in 2018 for $500 million. Projections showed another year of heavy losses.
Tang replaces Kevin Merida, who stepped down earlier this month after disagreements with Soon-Shiong over his role as executive editor and the extent of the newsroom cuts.
Terry Tang |
“The most urgent job now is to reorganize the newsroom — and reset a little bit,” Tang said. “I want to do that job immediately and for however long that it takes.”
The restructuring comes at a challenging time in the news industry as traditional outlets struggle against economic headwinds. The Washington Post, CNN, NBC News and NPR all have shed hundreds of journalists in the last year as print circulation, ratings and advertising revenue fall dramatically. Local news outlets have been particularly hard hit; a recent report found that more than 2,500 journalism jobs were eliminated last year.
Soon-Shiong has maintained his commitment to revitalize The Times. But the paper’s ambitious turnaround plan launched five years ago was disrupted by the COVID-19 pandemic and the Hollywood strikes last year that significantly reduced advertising spending by major film and TV studios.
Soon-Shiong and his family have covered more than $100 million in operational losses and capital expenses since the acquisition, the owner said. He has pledged to continue to invest in the organization and absorb losses.
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