Jim Bankoff, CEO of Vox, stated in an interview note to staff members obtained by Axios that several teams across the company’s revenue, editorial, and operations departments will be impacted by the dismissals. The company has already made two more severe layoffs in the past year. This means that around 130 people could be losing their jobs.
“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,” Bankoff stated.
Vox Media Union stated that certain of its members were affected. “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 group said Use social media.
The News Guild of New York added The layoffs are related to “poor economic climate” Never forget “bloated executive salaries or millions spent on stock buybacks,” Remarking on how Vox and other outlets were harmed by the layoffs “the essential work of their employees.”
Bankoff stated in the note that although the company doesn’t expect any further layoffs, it will continue to make them. “keep a tight control on expenses and consider implementing other cost savings measures as needed.”
These layoffs are in response to other headcount reductions by top companies in the area. media and entertainment industry. CNN CEO Christ Licht initiated Last month saw hundreds of firings and the end of live programming on cable channel HLN. In a memo to employees, Licht said That the strategic review that resulted in the dismissals was to achieve the stated goal of the strategy review was not to “better align our people, processes and resources with our future priorities, strengthen our ability to deliver on CNN’s core journalistic mission and enable us to innovate in the years ahead.”
Fred Ryan, Washington Post CEO, is also featured. told An outlet was unable to accommodate employees at the recent town hall meeting. “keep spending on initiatives that no longer align with readers’ interests.” Ryan stated that he would not permit the meeting to turn into a “sitting room” by adding that there was video footage of employees complaining about job losses. “grievance session.”
The outlet may increase headcount as the company shifts its resources to new verticals. The Washington Post Guild is still involved. lambasted Ryan dismissed features and magazine employees without offering compensation “jobs elsewhere in the newsroom.”
Companies in the technology sector also face layoffs, as thousands of employees are being dismissed at legacy media outlets. Amazon, Google and Microsoft revealed Their intention is to reduce headcount by an average of 40,000 workers in the next few weeks.
Reporters spoke to Karine Jean Pierre, White House Press Secretary earlier this week, about the layoffs. She was asked if they were a bad sign for overall economic growth. “I don’t have a comment on specific moves announced by particular companies,” She responded. “As you know, we’re very careful from here talking about private companies. But more broadly speaking, layoffs remain near record lows according to job openings data.”
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