Vox Media is laying off 7% of its staff, according to a memo sent internally from CEO Jim Bankoff, obtained by Axios. Roughly 1,900 people work at the company, which means about 133 roles will be impacted.
Why it matters: It’s the third round of cuts made at Vox Media in the past year: The company laid off 39 positions last July in an effort to get ahead of the economic uncertainty that’s causing the ad market to slow down. It laid off 3% of employees following the completion of its merger with Group Nine Media last March.
In a note to staff, Bankoff said several teams across revenue, editorial, operations, and core services would be impacted by the cuts. Impacted employees will receive an email from the company’s human resources department about the severance package, “including options to extend select benefits paid by Vox Media,” the note said. Layoffs, Bankoff implied, were a last resort. He noted in his memo that the company has taken steps to address the economic uncertainty in the past few months by suspending most new hiring and significantly reducing discretionary spending.
