Dotdash Meredith, the publisher that houses well-known brands such as People, Better Homes & Gardens, InStyle, Travel + Leisure, and others, will lay off 7% of its staff, the company’s chief executive said Thursday, reports CNN.
CNN states the staff departures are “the latest example in a brutal wave of layoffs that have consumed the media and technology industries.
“In making the job cuts at Dotdash Meredith, which will impact 274 employees, CEO Neil Vogel cited the poor economic terrain the company is trying to navigate.”
“We are not immune to the broader challenges of the ad industry and of the economy as a whole, and today’s actions are a direct response to these realities,” Vogel told employees in a memo provided to CNN.
Vogel described the decision to conduct layoffs as “difficult,” but necessary to “provide for the most effective and focused use of our resources and put us in a position of strength as we look toward the future.”
Vogel added those who are cut will be given severance and options for health insurance extensions. He said he would meet with employees on Monday during an all-hands meeting to discuss the situation.
“In recent months, the media and technology sectors have taken a battering as advertisers tighten spending amid economic uncertainty,” reports CNN.