Home World News From CNN to Washington Post, US Media Sees Massive Job Cuts Amid Economic Gloom

From CNN to Washington Post, US Media Sees Massive Job Cuts Amid Economic Gloom

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From CNN to Washington Post, US Media Sees Massive Job Cuts Amid Economic Gloom

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From CNN to the Washington Post, US media are going through powerful instances, as a sequence of retailers have introduced layoffs this winter amid fears of an financial downturn.

Vox Media, proprietor of the Vox and The Verge web sites in addition to the landmark New York Magazine and its on-line platforms, introduced Friday it was letting go seven % of its workers.

The information follows layoffs at CNN, NBC, MSNBC, Buzzfeed and different retailers.

In a memo to workers on Friday, Vox Media CEO Jim Bankoff introduced “the tough resolution to get rid of roughly seven % of our workers roles throughout departments due to the difficult financial setting impacting our enterprise and trade.”

The memo, which was confirmed to AFP by Vox Media, said the affected employees were going to be notified of being let go within the next 15 minutes. That would mean some 130 out of the group’s 1,900 staff.

Meghan McCarron, an award-winning journalist who spent more than nine years at Eater, a food website owned by Vox Media, tweeted Friday she was among those laid off — while 37 weeks pregnant.

“My partner and I are so excited to become parents,” McCarron posted. “I can’t actually course of the quantity of uncertainty we’re now going through,” she added.

A Vox spokesperson told AFP they could not comment on specific cases, but that employees were offered”aggressive severance packages,” including extra severance pay for those with “a near-term upcoming parental leave planned.”

Journalists who have been laid off from different organizations in latest weeks have additionally taken to Twitter to categorical anger, dismay, or gratitude to their colleagues, whereas starting to search for a brand new job.

“I’ll be determining my subsequent transfer. I’m an information reporter however I additionally write and produce,” tweeted Emily Siegel, who was let go after five years as an investigative reporter at NBC. “I’d love to keep doing this work. My (direct messages) are open.”

‘Under pressure for a long time’

While the media layoffs weren’t as dramatic as these rocking tech giants equivalent to Microsoft and Google, which introduced Friday it was chopping 12,000 extra jobs, they have been a consequence of falling promoting income amid a depressing financial local weather, stated Chris Roush, dean of the School of Communications at Quinnipiac University in Connecticut.

“For numerous them, they grew and expanded on the expectation that they have been going to give you the chance to develop their viewers, or both readers or viewers to a sure stage,” Roush told AFP.”And that simply hasn’t occurred and is unlikely to occur given what’s taking place within the economic system.”

Newsroom employment has seen a steady decline in the United States, falling from 114,000 to 85,000 journalists between 2008 and 2020, according to a 2021 study by the Pew Research Center, with local media hit especially hard.

“Journalism has been under pressure for a long time, and a number of companies seem to think this is an opportune time to reduce their labor costs – hurting both journalists and journalism,” the Writers Guild of America, East stated in an announcement to AFP.

The union includes journalists from NBC and MSNBC. The two retailers, which declined an AFP request for remark, bid farewell to some 75 workers, in accordance to US media.

The same announcement is dreaded on the Washington Post, the place CEO Fred Ryan warned final month that “plenty of positions” will be cut in the following weeks, adding that the layoffs would affect “a single digit percentage of our employee base” of some 2,500 individuals. Hires for different positions can proceed, the paper stated.

The Washington Post Magazine, the paper’s Sunday complement which gained two Pulitzer prizes, was shut down in December as a part of what government editor Sally Buzbee described in a memo because the paper’s “international and digital transformation.”

And Vice Media CEO Nancy Dubuc introduced to her workers Friday that the corporate is up on the market.

‘Steep, secular decline’

In recent months, CNN has laid off an estimated several hundred workers out of a total of some 4,000 people, according to US media. CNN would not confirm those figures to AFP.

The cuts took place as the company underwent a restructuring following a merger between Warner Media, which includes CNN and HBO Max, and Discovery. The merger resulted in the creation of the Warner Bros. Discovery mega conglomerate.

Following the merger, CNN’s new parent company abruptly pulled the plug on the network’s $100 million streaming service CNN+.

Naveen Sarma, a senior media analyst with S&P Global Rating, noted a “steep, secular decline” of conventional broadcast and cable tv within the United States, main to a dramatic drop in subscriptions to paid TV.

“That’s a continuing ongoing wrestle for all these firms to are available in,” said Sarma.

Roush of Quinnipiac University says the changes were especially painful for smaller media.

“CNN, Washington Post, those are not going away, but a smaller company, they have bigger issues, because they’re just smaller and not as well established as a media brand,” he stated.

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(This story has not been edited by News18 workers and is printed from a syndicated information company feed)

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