Vox Media says it has cut 7% of its workforce and will be unable to sustain future projects

(CTN News) – It was reported on Friday that Vox Media, the publisher of Vox.com, Eater, The Verge, and New York Magazine, had laid off 7% of its workforce.

Bloomberg News has obtained a memo from Chief Executive Officer Jim Bankoff to staff notifying them that a number of departments are affected.

These include revenue, editorial, operations and core services. It has been noted that many companies in the Vox Media and technology sectors have been facing difficulties, and even a steep slowdown in hiring and reduced spending hasn’t been able to stop the need for further cost-cutting.

I regret to inform you that, in this economic climate, we are unable to sustain projects and parts of our business that have not performed as we anticipated, are less core to where we see the biggest opportunities in the next few years, or where we do not have enough rationale to sustain ongoing investment in such an adverse economic environment,” he added.

There are a number of talented people involved in these initiatives, but it is necessary for us to scale back, in spite of their dedication.”

It has had to compete with a decline in the digital ad market, like many other tech and Vox Media firms. This is because more platforms compete for brands’ business while a shaky economy deters companies from spending more on digital advertising.

Vox Media has announced its third round of layoffs in less than a year, and the largest round in the company’s history.

The company cut 39 employees in July, citing reduced advertising budgets. This was as it shed 3% of its staff after it acquired Group Nine Vox Media Inc., the publisher of Thrillist and NowThis, last March.

In 2015, the company was valued at $1 billion at the time of its last valuation.

There have been many acquisitions since then, including Group Nine Vox Media, New York Magazine, and podcast publisher Cafe Studios.

It has been reported that other media companies have also taken similar measures in the last few months. Warner Bros offers a wide variety of products under its Warner Bros brand.

These include products from companies such as Discovery Inc., AMC Networks Inc., Paramount Global, Comcast Corp.’s NBCUniversal, and Walt Disney Co.

In the past year, all of these companies have announced that they will reduce their costs through employee cuts.

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