Business Insider is laying off 8% of its staff

Business Insider is laying off 8% of its staff

Business Insider said Thursday it is laying off 8 percent of its staff, the latest in a wave of sharp job cuts across the media industry this month.

Barbara Peng, chief executive of Business Insider, said in an internal Comment The job cuts were part of a plan, announced late last year, to focus solely on news coverage of business, technology and innovation.

“We have already begun to refocus teams and invest in areas that have the greatest value to our core audience,” Ms Peng wrote. “Unfortunately, this also means we need to step back in some areas of our organization.”

Ms Peng said: “We are committed to building an enduring and sustainable Business Insider for the years to come and beyond.”

In November the company changed its name from Insider Back to Business Insider, and its co-founder Henry Blodgett resigned as chief executive. At the time, the publication’s top editor, Nicholas Carlson, wrote This was a “new era” for the company: “Now it’s about recommitting to what we do best.”

A Business Insider spokeswoman declined to comment on the specifics of the layoffs Thursday.

Business Insider previously laid off 10 percent of its staff in April, citing economic pressures. At the time, Business Insider had approximately 950 employees worldwide.

Business Insider is owned by German publishing giant Axel Springer, which also owns Politico. The billionaire recently became embroiled in a controversy with hedge fund manager Bill Ackman after it was published an article He said that his wife, Neri Oxman, a prominent academic and architect, had plagiarized her dissertation.

After an internal review, Business Insider defended the article. “The process we followed to report, edit and review stories was good, as was the timing,” Ms. Peng said this month.

The US media industry has been struggling with cutbacks in recent weeks: The Los Angeles Times laid off more than 20 percent of its newsroom, Sports Illustrated laid off its staff, Time The magazine cut roles and The Washington Post announced that 240 employees had accepted buyout offers. On Thursday, unionized workers at both The New York Daily News and forbes Left the job.

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