https://www.thewrap.com/vox-media-layoffs-2023-details/

Vox Media is laying off seven percent of its staff across departments in a move that CEO Jim Bankoff attributed to “the challenging economic environment” in a company-wide email on Friday morning.

“We are experiencing and expect more of the same economic and financial pressures that others in the media and tech industries have encountered,” Bankoff wrote in a tweet posted by CNN’s senior media reporter Oliver Darcy.

The layoffs impact “different teams across Revenue, Editorial, Operations and Core Services,” he continued. Spokewoman Lauren Starke told The Wrap in an email Vox Media had “around 1,900 employees” pre-layoffs.

Attributing the actions to “more of the same economic and financial pressures” affecting large companies across the media and tech industries, Bankoff said Vox was taking the steps it deemed necessary “over the past few months.” Other measures included curbing spending, a hiring freeze “significantly reduced discretionary spending.”

Bankoff wrote Vox was “not expecting further layoffs” and would “continue to assess our outlook, keep tight control on expenses and consider implementing other cost savings measures as needed.”

Elsewhere in the email sent out at 10 a.m. Friday, Bankoff cited the “in this economic climate, we’re not able to sustain projects and areas of the business that have not performed as anticipated, are less core to where we see the biggest opportunities in the coming years, or where we don’t have enough rationale to support outgoing investment in what could be a prolonged downturn.”

Parallel to acknowledging Vox was  “scaling back,” Bankoff added, “it is important to note that the brands in our portfolio are as relevant as ever to their audiences and in the marketplace. We continue to outstanding work across our editorial properties and business lines. Our company is fundamentally strong; these setbacks are driven primarily by the temporal macro-economic forces that are impacting nearly all businesses in our sector.”

Bankoff reiterated that to manage through the downturn “operational discipline and strategic focus will be key to Vox Media’s success.”

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