New York
CNN
—
Vox Media, publisher of news websites such as Vox and The Verge, along with New York magazine, will lay off 7% of its workforce, CEO Jim Bankoff said in a memo to staff Friday morning.
Bankoff said the layoffs, which will result in about 130 people losing their roles, affected multiple teams, including editorial. Those whose jobs were terminated were notified via email, followed by a later meeting with a human resources officer to discuss severance with them.
Bankoff told employees that the cuts were “due to the challenging economic environment that is affecting our business and industry.”
“We are experiencing and expect more of the same economic and financial pressures that others in the media and technology industries have faced,” Bankoff said in his memo.
The union representing Vox Media employees said it was “outraged” by the announcement.
“We are outraged at the way the company has handled these layoffs and are currently discussing how best to serve those who have just lost their jobs,” the union said in twitter.
The media and technology sectors have taken a hit in recent months as advertisers cut spending amid broader economic uncertainty. This led to widespread job cuts.
Google’s parent company Alphabet joined tech giants Meta, Amazon and Microsoft in announcing layoffs on Friday. Alphabet said it has made the decision to lay off 6% of its workforce, which equates to approximately 12,000 jobs.
Across the newspaper industry, layoffs are widespread. CNN, NBC News, MSNBC, Gannett and others have cut their workforces. It is expected that the Washington Post will soon announce a reduction in the number of employees. And companies that did not lay off staff took strong measures to cut spending.
Entertainment giants such as Warner Bros. Discovery (CNN’s parent company) and Paramount Global have also cut their workforces.
Bankoff said the tough economy has forced Vox Media to focus on its core business.
“Unfortunately, in this economic climate, we are unable to sustain projects and areas of business that have not performed as expected, are less important in relation to where we see the greatest opportunities in the coming years, or where we do not have sufficient rationale to support ongoing investments in something that could be extended decline,” he wrote to staff.
“Despite the dedication of the many talented people involved in these initiatives,” Bankoff added, “we have to scale back.”