Search This Blog

Thursday, May 21, 2020

Media Slashes

Newspapers and magazines were on the decline even before COVID-19 Now things are much worse as advertising has dried up.

Sara Fischer at Axios:
The Atlantic is laying off nearly 20% of staff, according to an internal note from David Bradley, the publication's chairman, that was obtained by Axios.
Why it matters: It's the latest media company that's been been forced to take drastic measures to survive the economic fallout from the coronavirus pandemic.
The state of play: The 68 staff cuts are mostly attributable to the collapse of the company's events business, which was one of its strongest pillars for many years.
The big picture: The pandemic is forcing dozens of major media companies, including newer, digitally-native media companies and older magazine companies, to carry out layoffs and pay cuts.
The Atlantic joins The Hollywood Reporter, Fortune, Billboard, The Economist Group, Group Nine Media, BuzzFeed News, Vox Media, Bustle Digital Group, Cheddar, Maven Media, G/O Media, Protocol and others who have resorted to layoffs and furloughs.
Sara Fischer and Scott Rosenberg at Axios:
Over 500 people in the U.S. news media were laid off last week, indicating that many companies' initial efforts at the start of the pandemic to avoid job cuts, like reducing executive pay, weren't sufficient to protect their work forces.
By the numbers: Layoffs at Vice (155 people), Quartz (80 people), The Economist (90 people), Condé Nast (100 people) and furloughs at Buzzfeed (68) and Condé Nast (another 100) were posted last week. Hundreds more are expected in coming months.
The big picture: Thousands of other jobs in the news media industry have been lost at the local and global levels. Student internships and fellowships have mostly been cancelled, hindering younger journalists from experience and exposure within the industry.