Business Insider to lay off 8% of newsroom staff

Business Insider (BI) reported that the store plans to lay off about 8% of its workforce as a cost-cutting measure, according to a memo sent to employees by management at the store on Thursday.

“This year is the year to make that happen and focus our company and efforts towards this future. We have already begun to refocus our team and invest in areas that will bring significant value to our core audience. ,” CEO Barbara Penn wrote in a memo. “Unfortunately, this also means we have to downsize some areas of our organization.”

A version of Peng’s memo was posted online on Thursday, and a longer copy was sent to employees and shared with news agency Semafor. Said Staff: “If your role is affected, you will receive an email within 15 minutes.”

“Our primary focus is to provide clarity and support to our affected colleagues. Those retiring today will receive a minimum of 13 weeks of pay and health benefits through May,” Penn wrote. Ta. “We also offer career support services such as one-on-one coaching sessions, resume reviews, networking, interviewing, and negotiation training.”

BI is just the latest in a sea of ​​media companies as news providers face significant financial headwinds and a difficult advertising market. The Los Angeles Times cut dozens of jobs this week, and Time and the Washington Post have also made significant cuts in recent weeks.

BI is owned by media conglomerate Axel Springer, which also owns Politico and the European tabloid Bild.