James Iorio, director of TJM Institutional Services, expects the economy to lag for a long time this year.
Several mass media The company announced layoffs in January 2024 as economic challenges hit the industry.
Business Insider, Los Angeles Times, TIME, and Sports Illustrated are among the publications that have scaled back editorial operations to rebuild and pivot their business models to fit the changing media landscape.
The cuts come as the media industry struggles to return advertising revenue to pre-pandemic levels and faces increased competition from social media platforms for reader attention. Details of the layoffs at these four stores are as follows:
Layoffs will jump 98% in 2023.This year could be even worse
The Los Angeles Times is one of the media outlets that announced layoffs in January 2024. ((Photo provided by Mario Tama/Getty Images) / Getty Images)
business insider
Business Insider, part of the multinational media conglomerate Axel Springer SE, announced last week that it would lay off about 8% of its workforce as part of a restructuring.
“We ended last year with a plan and a clear audience and vision. This year is the year to deliver on that and focus on working with our company towards this future,” CEO of Business Insider said. ) Barbara Penn wrote in a message dated January. 25. “We have already begun to refocus our team and invest in areas that bring significant value to our core audience. Unfortunately, this also means we will have to downsize some areas of our organization. It means.”
“As part of this new direction, today we are announcing a reduction in the size of our team, which will impact approximately 8% of our workforce,” Penn wrote. “We are committed to building a Business Insider that is durable and sustainable for years to come and beyond.”
Axel Springer is the parent company of Business Insider, which announced layoffs last week. (Photo by Monika Skolimowska/picture Alliance via Getty Images / Getty Images)
He said workers affected by the layoffs will be provided with at least 13 weeks of pay and health insurance through May, as well as one-on-one coaching sessions, resume reviews, and assistance with networking, interviews, and negotiations. He added that career support sessions such as training will also be available.
Levi’s to cut up to 15% of global workforce
Emma Legault, Insider Union unit chair and Business Insider senior editor, wrote in a statement: “We are particularly annoyed that Axel Springer’s management has chosen to do this despite reportedly being able to pay out hundreds of millions of dollars in dividends to investors.”
Los Angeles Times
of Los Angeles Times announced last week that it would lay off at least 115 people, more than 20% of the paper’s newsroom, after owner Dr. Patrick Soon-Shiong continued to make losses in the range of $30 million to $40 million a year.
“Today’s decisions are painful for everyone, but it is imperative that we act quickly and take steps to build a sustainable and thriving newspaper for generations to come. We are committed to doing so. “We are here,” Soon-Shiong said.
An ad hoc caucus within the Los Angeles Times Guild, which aims to represent diverse communities within the newsroom, was cut short by the liberal paper’s decision to lay off at least 115 staffers this week, according to the Los Angeles Times Guild. He said it would be “destroyed.” ((Photo Credit: PATRICK T. FALLON/AFP via Getty Images)/Getty Images)
LA Times faces backlash over layoffs that ‘decimated’ union group of ‘overwhelmingly diverse reporters’
“The economic realities of our organization are very harsh,” Chris Argentieri, president and chief operating officer of The Times, said in a memo to staff. Nevertheless, we need to take immediate action.” Improve your cash position. ”
The LA Times Guild slammed the layoffs, arguing that they hit reporters from a variety of backgrounds particularly hard.
The Los Angeles Times did not respond to a request for comment.
sports illustrated
sports illustratedAuthentic Brands Group, which was owned by Authentic Brands Group and published under license from Arena Group, was published by Authentic Brands Group after Arena Group defaulted on payments to cut costs and deal with debt obligations.・In response to Brands revoking its license, the company announced significant personnel cuts. As a result, Arena announced “significant reductions in over 100 employees.”
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| Allen | arena group holdings | 1.15 | -0.01 | -0.86% |
Sports Illustrated lays off ‘substantial’ staff after license revocation, owner vows to continue branding
In a statement to Fox News Digital, Authentic Brands Group said: “Arena Group has not paid the quarterly license fee despite being given notice of violation and opportunity to infringe, resulting in Illustrated’s license as a publisher has been terminated.” Please cure the violation. ”
“Authentic is here to ensure that the Sports Illustrated brand, including our editorial division, continues to thrive as it has for nearly 70 years.” “We are confident that this brand will continue to evolve and grow in ways that serve sports news readers, sports fans and consumers. We are fully committed to ensuring that the pillars of Ted Media deliver best-in-class management capabilities in order to maintain the full integrity of the brand’s heritage. ”
Iconic sports magazine Sports Illustrated has suffered significant layoffs amid a licensing dispute between its owner and publisher. (Rodin Eckenroth/Getty Images/Getty Images)
Sports Illustrated’s employee union said the layoffs would affect a significant number of employees, perhaps all of them. NFL Editor and Unit Chairman Mitch Goldich said in a statement: “As a union, we have fought together to maintain the standards of this prestigious publication we love and to ensure that our employees are treated fairly and commensurate with the value they bring to this publication. ”This is a fight we will continue to fight. ”
LA Times Guild says newspaper layoffs ‘didn’t have to happen’ and minorities ‘disproportionately affected’
time
Time magazine announced last week that it would lay off about 15% of its unionized editorial staff, in addition to laying off nonunion positions at the magazine.
In a memo to staff obtained by CNN, Time Inc. CEO Jessica Sibley said the decision “was not made lightly” and that the layoffs would put the company in a position to support future growth. The aim is to put the country on a sustainable trajectory. She wrote, “This was not an easy decision, but it is a necessary step to take to move our business forward and improve our financial position as an organization.”
Last week, Time magazine announced layoffs that would affect about 15% of its unionized employees. (Photo by Matt Jelonek/Getty Images for TIME)
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time unionIn a statement, the union representing the magazine’s workers said: “We are heartbroken and outraged for our colleagues who have lost their jobs. We urge management to abide by all terms and conditions set out in the contract. “We will fight back against any such dismissal in any case.” In any way we can. ”
“For months, we have asked for information about the company’s finances. Management has repeatedly refused. We will not stop our efforts until we receive honest answers. Journalists and The important work done by Time magazine should be a priority at Time Magazine, and we won’t stop fighting until it does.” The union added.
FOX Business’ Brian Flood and Chantz Martin contributed to this report.
