Dotdash Meredith, Published People, Better Homes and Gardens and very cool, 7% of the workforce will be laid off.
In a memo sent to staff on Thursday, Chief Executive Neil Vogel said the layoffs were coming as the publisher was affected by “broader challenges to the advertising industry and the broader economy.”Layoffs will affect 274 people in nearly every department
The company was formed after Barry Diller’s IAC subsidiary Dotdash acquired magazine publisher Meredith for $2.7 billion in 2021. In 2022, the company will stop printing and publishing six titles, including Entertainment Weekly, InStyle, healthy, eat well and parents, This resulted in the loss of 200 jobs, mainly in the printing business.
Vogel listed the current layoffs as part of a plan to continue the company’s momentum amid “economic uncertainty.” IAC is scheduled to report its fourth-quarter earnings on February 2. 14.
“Like many businesses in our field, we have grown positively over the past few years while also integrating our two companies. In the face of difficult market conditions and future economic uncertainty, we must prioritize take our biggest opportunities and make sure we have the cost structure in place to pursue them,” Vogel wrote.
These are the latest layoffs in the media industry following Vox layoffs sound, edge and New York Magazine, and layoffs at Vice, CNN and others.
With Spotify announcing plans on Jan. 17, there have been mass layoffs in the tech world. 23 will cut 6% of its workforce, joining Alphabet, Amazon, Microsoft and Meta.
Full memo:
team –
Today, we are laying off 274 people, or 7% of our workforce. Human resources and business leaders arranged one-on-one meetings with those affected this morning. As we have said, we are not immune to the broader challenges of the advertising industry and the economy at large, and today’s actions are a direct response to those realities.
These decisions are tough, and it can be hard to see friends and colleagues leave. We are grateful to those who have left the company whose efforts and talents have made important contributions to our business. Departing colleagues will receive severance pay, health insurance continuation options and will receive transition support, including reemployment services.
Like many businesses in our field, we have grown aggressively over the past few years while also integrating our two companies. In the face of difficult market conditions and future economic uncertainty, we must prioritize our greatest opportunities and ensure we have the appropriate cost structure to pursue them. Action today enables us to use our resources most efficiently and focusedly, and positions us to be in a strong position as we look to the future.
We are as confident as ever in the future of Dotdash Meredith. We will have an all-hands meeting on Monday to discuss the way forward and look forward to speaking with you then.
NV