All articles tagged with #media layoffs
CBS News is experiencing instability amid rumors that Gayle King may leave 'CBS Mornings' next year, with management trying to downplay the speculation while navigating corporate changes, layoffs, and leadership shifts under new CBS News editor-in-chief Bari Weiss.
The Messenger, a digital news site, abruptly shut down and fired all remaining staff, prompting a proposed class action suit against owner Jimmy Finkelstein for violating the WARN Act by terminating 300 employees without notice, severance, or healthcare. The startup, which launched with high ambitions, faced economic challenges and lost about $38 million after a $50 million funding round. This closure adds to the trend of media outlets undergoing severe layoffs amid industry upheaval, with former employees expressing shock at the sudden shutdown and lack of support.
Media and entertainment companies, including Google's YouTube, Paramount, Disney's Pixar, Universal Music Group, and others, are committing to job cuts in 2024 as they continue to grapple with rising costs, debt, and pressure from investors. Layoffs are expected at various companies, with Paramount Global, YouTube, Universal Music Group, Pixar, Business Insider, Los Angeles Times, and Sports Illustrated all announcing or planning significant staff reductions. The industry's struggles with streaming profitability and advertising challenges are contributing to the need for cost-cutting measures.
Vox Media and Condé Nast have announced layoffs as they struggle with the declining ad market. Vox Media laid off 4% of its staff, marking the second round of layoffs this year. The Vox Media Union called the move "devastating" and created a GoFundMe to support affected employees. Meanwhile, Condé Nast announced a 5% headcount cut, affecting over 300 employees. The media industry has seen significant job cuts in recent months, with nearly 20,000 jobs eliminated so far this year. Employees at both companies have expressed anger and frustration over the lack of transparency and clear strategy.
Vice Media Group is reportedly preparing to file for bankruptcy amid waves of media layoffs and closures. The company has received interest from five companies and might consider a sale to avoid bankruptcy. In the event of a bankruptcy, Vice’s debt holder Fortress Investment Group could end up controlling the company. The potential bankruptcy hits at a challenging moment for the industry, as several other media and technology firms have had to downsize in recent months due to a challenging economy and a weak advertising market.