Posted on 04/19/2020 3:34:42 AM PDT by Bruiser 10
Vox Media, owner of sites including Vox, The Verge and New York magazine, is furloughing about 9% of its employees for three months. The decision is one of several measures the digital media company announced Friday to cut costs after the coronavirus pandemic decimated its revenue sources.
The furloughs, which will run from May 1 to July 31, affect multiple departments including sales, events, production, IT, operations and editorial. Vox Media currently employs about 1,200 people, resulting in about 100 people facing three-month furloughs. In addition, about 1% of the company's personnel will have reduced hours for the same time period. Vox Media will continue to cover the health benefits of those affected.
Vox Media CEO Jim Bankoff announced the changes on Friday in a memo to staff that was obtained by CNN Business. "Everyone will feel the effect of the cost measures to some degree, but some considerably more than others. It's our goal to treat those whose job status is impacted with the greatest possible care and support," Bankoff said.
(Excerpt) Read more at cnn.com ...
L8r
more to come, hopefully.
Corona upside. Who knew?
Interesting - maybe Soros has a cash flow problem?
They were already in bad shape business-wise, and unlike Salon Magazine have no angel to subsidize them.
They should have unionized, like Cenk Uighur’s Young Turks.
Once those Vox losers get over their TDS, they can learn to code.
Learn to code.
Bankoff
I give what country is that name from?.
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