Mega-publisher Dotdash Meredith cuts 7% of its workforce, citing weakened ad market
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.
It’s 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.
Across the news industry, layoffs have been rampant. CNN, NBC News, MSNBC, Vox Media, The Washington Post, BuzzFeed, Gannett and other news organizations have cut their workforces in recent months. And companies that haven’t laid off staffers have taken strong measures to reduce spending.
Spotify announced it was laying off hundreds of staffers on Monday. Google last week joined Big Tech giants Meta, Amazon, and Microsoft in announcing layoffs. Google said it had made the decision to eliminate 6% of its workforce, which translates to approximately 12,000 jobs. More layoffs may be on the way, economists predict.
Entertainment giants, such as Warner Bros. Discovery (CNN’s parent company) and Paramount Global, have also trimmed their workforces.
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