Vox Media to lay off 7% of workforce
By Oliver Darcy, CNN Business
Vox Media, the publisher of news websites such as Vox and The Verge, in addition to New York magazine, will lay off 7% of its workforce, chief executive Jim Bankoff said in a Friday morning memo to staff.
Bankoff said the layoffs, which will result in about 130 people losing their roles, impacted multiple teams, including editorial. Those who had their jobs eliminated were notified through email, followed by a later meeting with a human resources officer who would discuss severance packages with them.
Bankoff told staffers the cuts were “due to the challenging economic environment impacting our business and industry.”
“We are experiencing and expect more of the same economic and financial pressures that others in the media and tech industries have encountered,” Bankoff said in his memo.
The union representing Vox Media employees said it was “furious” over the announcement.
“We’re furious at the way the company has approached these layoffs, and are currently discussing how to best serve those who just lost their jobs,” the union said in a tweet.
The media and technology sectors have been battered in recent months as advertisers tighten spending amid broader economic uncertainty. That has led to widespread job cuts.
Google’s parent company Alphabet on Friday joined Big Tech giants Meta, Amazon, and Microsoft in announcing layoffs. Alphabet said it had made the decision to eliminate 6% of its workforce, which translates to approximately 12,000 jobs.
Across the news industry, layoffs have been rampant. CNN, NBC News, MSNBC, Gannett and others have cut their workforces. The Washington Post is also expected to announce a staff reduction soon. And companies that haven’t laid off staffers have taken strong measures to reduce spending.
Entertainment giants, such as Warner Bros. Discovery (CNN’s parent company) and Paramount Global, have also trimmed their workforces.
Bankoff said the tough economy had forced Vox Media to focus on its core business.
“Unfortunately, in this economic climate, we’re not able to sustain projects and areas of the business that have not performed as anticipated, are less core to where we see the biggest opportunities in the coming years, or where we don’t have enough rationale to support ongoing investment in what could be a prolonged downturn,” he wrote to staff.
“In spite of the dedication of the many talented people involved in these initiatives,” Bankoff added, “we need to scale back.”
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