FiscalNote laid off 30 people at D.C.-based CQ Roll Call — about 6% of its workforce. CQ Roll Call, which reports on Congress, was bought by FiscalNote from The Economist Group in 2018 for $180 million, reports Publishers Daily.
The report added that Adweek reports the online masthead removed the names of 16 editorial staffers; the three-person investigative staff was eliminated, as well as the print magazine staff. (One staffer moved to a different division.)
According to the Publishers Daily post, which covered a number of media cuts caused by the coronavirus, “FiscalNote CEO Tim Hwang sent a staff email announcing the changes, which he says were made “to ensure a more durable organization by defending against stronger macroeconomic winds that may prevail in light of the coronavirus and by pulling back in non-core and duplicate areas that support the changing needs of our clients.”
“Hwang said the company grew headcount by more than 30% in the past year. There are no further role eliminations planned, he wrote.
“Hwang and cofounder Gerald Yao will take a 50% salary cut to support up to six months of healthcare coverage for those who were let go. The company has also decided to “limit and defer compensation increases this year.””