The company is laying off staffers in a few key areas, including recruiting, some editorial roles and sales.
Vox Media is laying off 39 people, less than 2% of its total staff of more than 2000, in an effort to get ahead of economic uncertainty, according to a source familiar with the cuts and a memo obtained by Axios.Vox Media is the latest in a long string of firms taking measures to prepare for a potential economic downturn.projections for advertising growth this year, sending shockwaves through the media and tech industries.
The cuts are targeted towards certain parts of the company, including some departments within its lifestyle site, Thrillist. The company will continue to hire for critical roles, the source noted, but will reduce the pace of hiring moving forward. More than two dozen listings still appear on Vox Media's website."The current economic conditions are impacting companies like ours in multiple ways, with supply chain issues reducing marketing and advertising budgets across industries and economic pressures changing the ways that consumers spend," Vox Media CEO Jim Bankoff wrote in a memo to staff.
"Our aim is to get ahead of greater uncertainty by making difficult but important decisions to pare back on initiatives that are lower priority or have lower staffing needs in the current climate."Vox Media isn't a stranger to layoffs, but most of its cuts have typically been pretty targeted.roughly 50 people citing "industry changes" in 2018. At the time, most cuts were made around its social and video teams.3% of its staff following the Group Nine merger in March.
The company has been investing heavily in building up its podcast and studios businesses in the past few years. It's also focusing more on consumer revenues through subscriptions to some of its properties, like New York Magazine.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The collapse of Greensgrow, Philly’s nonprofit farm, exposes years of worker allegationsGreensgrow Farm, an institution in Kensington and West Philadelphia, laid off all staff and closed this month, amid check fraud, union organizing efforts and mounting operational challenges.
Read more »
PolitiFact - No, the White House didn’t change the definition of “recession”A White House blog post is accurate about the official definition of what a recession is. The definition wasn't cooked up to protect President Joe Biden.
Read more »
How Cubs Fans Saluted Ian Happ in Last Home Game Pre-DeadlineCubs fans had a unique gesture to honor Ian Happ amid uncertainty around the outfielder ahead of next week’s trade deadline.
Read more »
Singapore's sovereign wealth fund warns of 'profound uncertainties' as inflation risesSingapore's sovereign wealth fund GIC reported stable returns for the year but warned of uncertainties amid inflation worries, pandemic risks and geopolitical challenges.
Read more »
Molecular motor, warm blood’s origin and researcher lay-offsThe latest science news, in brief.
Read more »
Shopify to lay off 10% of workforceShopify\u0027s shares fell after the company confirmed 1,000 employees will be laid off. Find out more.
Read more »