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Tuesday, February 7, 2023

US media rocked by layoffs amid economic gloom

Layoffs at US media reflect dropping advertising revenues and pessimistic economic forecasts.

NEW YORK: From CNN to the Washington Post, US media are facing tough times, as a series of outlets have announced layoffs this winter amid fears of an economic downturn.

Vox Media, owner of the Vox and The Verge websites as well as the landmark New York Magazine and its online platforms, announced Friday it was letting go 7% of its staff.

The news follows layoffs at CNN, NBC, MSNBC, Buzzfeed and other outlets.

In a memo to staff on Friday, Vox Media CEO Jim Bankoff announced “the difficult decision to eliminate roughly 7% of our staff roles across departments due to the challenging economic environment impacting our business and…

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