Vox Media Announces Layoffs Of 7% Of Workforce

deadline.com:

Vox Media, parent company of brands including Vox, New York, Recode, Now This and other digitial titles, announced that it was cutting about 7% of its workforce.

The company has about 1,900 employees. In a memo to staff, CEO Jim Bankoff wrote that the job reductions were “due to the challenging economic environment impacting our business and industry.” He wrote that those affected were teams in revenue, editorial, operations and core services. “We are experiencing and expect more of the same economic and financial pressures that others in the media and tech industries have encountered,” he wrote. “These difficult circumstances prompted us to take other steps over the past few months to reduce our spending.

We suspended most new hiring and significantly reduced discretionary spending. While we are not expecting further layoffs at this time, we will continue to assess our outlook, keep a tight control on expenses and consider implementing other cost savings measures as needed.” Vox Media is among a number of media companies cutting costs and reducing staff.

NBC News and MSNBC went through a round of layoffs last week that impacted about six dozen staffers. CNN and Gannett have made more significant cuts, while other outlets like NPR have announced hiring freezes.