Vox Media, which owns brands like The Verge, SB Nation and New York magazine, will cut about 7 percent of its staff, chief executive Jim Bankoff said in a Friday morning memo to staff first obtained by the New York Times.
Roughly 1,900 people work at the company, which means about 133 roles will be impacted.
Bankoff said the layoffs 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, “including options to extend select benefits paid by Vox Media,” the note said.
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.
“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.
Layoffs, Bankoff implied, were a last resort. He noted in the memo that the company has taken steps to address the economic uncertainty in the past few months by suspending most new hiring and significantly reducing 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,” he added.
The union representing Vox Media employees said it was “furious” over the announcement.
“We were informed today that the company is laying off around 7 percent of its workforce, and some of our members have been impacted,” the union said in a tweet. “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.”
We were informed today that the company is laying off around 7 percent of its workforce, and some of our members have been impacted.
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.
— VOX MEDIA UNION WON A FAIR CONTRACT (@vox_union) January 20, 2023
Last year, Vox Media merged with Group Nine, the publisher of lifestyle websites PopSugar and Thrillist, to become one of the country’s largest digital media companies. It cut about 3 percent of its workforce in March after the merger and another 39 workers in July.
Across the news industry, layoffs have been rampant. CNN, NBC News, MSNBC, Gannett, and others have cut their workforces. Big tech giants Meta, Amazon, and Microsoft have also recently announced layoffs, joined by Google’s parent company Alphabet on Friday.
