Washington Post Seeks Voluntary Buyouts

The Washington Post Co. is cutting jobs at its flagship newspaper, and is pursuing an unspecified number of voluntary buyouts.

The Washington Post will lose “substantial money” this year after an “embarrassing” 2008, CEO Donald Graham admitted in a letter to shareholders this week.

The Post buyout program will target production staff. The Washington, DC-based company is also closing a printing plant in College Park, Maryland.

The Post’s newspaper division, which includes the Post’s website and the Everett, Washington Daily Herald lost $192.7 million last year from a $66.4 million profit in 2007.