Vox Media Preparing Company-Wide Layoffs
Vox Media, the owner of media properties including New York Magazine, The Verge, SBNation and Eater, has informed its worker unions to prepare for company-wide layoffs, according to people familiar with the matter, reports CNBC.
According to CNBC, “Vox spoke with union leaders Monday to inform them of their plan to cut staff, said the people, who asked not to be named because the discussions are private. Vox furloughed about 100 employees in April, or 9% of its staff, until July 31 as Covid-19 affected advertising budgets.
“Many of the furloughed workers who haven’t already taken buyouts will be laid off, according to a person familiar with the matter. These employees primarily work for parts of Vox that were especially hit hard by the Pandemic, such as SBNation, Curbed and the company’s events group. There may be some additional job cuts, the person said.”
(UPDATE: Vox Media announced it is laying off 6% of its staff, or about 72 employees, as advertising revenue declined amid coronavirus quarantines. The majority of those laid off were furloughed by the company earlier this year, Chief Executive Jim Bankoff said in an e-mail to employees obtained by CNBC.)
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