Lucia Moses. Group Nine Media: According to Axios, the parent firm of Thrillist, The Dodo, NowThis and other digital sites is trimming staff by 7%, or roughly 50 people. Group Nine was formed in October as a roll-up of Thrillist, NowThis Media, The Dodo and Discovery Communications' Seeker.
By Kathryn Hopkins on March 31, 2020 For Group Nine, those measures only lasted about a week and a half before the company had to resort to lay offs. Group Nine Media's last attempt at e-commerce ended in mass layoffs, but it's trying again with a fresh approach. In Media, the Cuts Keep on Coming Maven, Group Nine, Vice and Fortune are among those having to make cuts due to the coronavirus outbreak. At the time of the merger, Discovery invested $100 million into the business, which has 4 billion monthly video views combined. Building a successful media company today means creating a diverse portfolio of brands and revenue streams, according to Group Nine CEO Ben Lerer. Other digital media publishers, such as Vice, Group Nine Media and BuzzFeed announced last week pay cuts to its staff, with most of the burden coming down on the executive level. It laid off 31 people this week, the equivalent of 9 percent of its staff, and shrank executive pay by almost a third. It's an unfortunate reality of 'growing up.' Days like yesterday are no fun and will work to help the talented people affected find new roles at companies they'll love."The cuts, which took place Thursday, Feb. 9, affected less than 4 percent of the staff at Group Nine, which has about 500 employees. Since India went into lockdown to contain the coronavirus outbreak, Big Media has cut or deferred wages of their staff, and even laid some off. It also cut employee hours by 60%. "We sometimes have to make difficult decisions like this to support growth and to stay ahead of the evolving media landscape. Additional employees will … Pamplin Media Group, which owns the Portland Tribune and other community newspapers, had about 40 layoffs, 20 from newsrooms. Around 6 percent of Sports Illustrated journalists, who were hit by a separate round of layoffs in October and are currently trying to form a union, were impacted.Like many other news outlets, ceo Paul Bascobert, who will waive his salary for the time being, told staffers that a surge in engagement, especially in COVID-19 stories, has not been matched with a rise in advertising, weighing heavily on the company’s performance.Gannett, the owner of USA Today and 100-plus other newspapers, also revealed plans to furlough some journalists beginning next week, in addition to reducing executives salaries by 25 percent.This was a similar strategy to the one employed by BuzzFeed last week when it informed staffers that they would have to take a graduated pay cut for the months of April and May, with the situation being reviewed on a monthly basis. Advertising . “People need reliable local news during this crisis — they need to know where the tests are, which hospitals are overwhelmed and how many of their neighbors have died. “We will also continue to ensure our hourly workers are paid while our offices are closed,” he added. Elsewhere, business magazine Fortune has put a temporary hold on hiring freelancers, with the intention of resuming its work with them once it’s back to its normal business operations due to the postponement of all its conferences through early June.“Our nation simply cannot afford to furlough or lay off journalists and other news industry employees in this time of crisis,” said Jon Schleuss, NewsGuild-CWA president, which represents hundreds of Gannett staffers. Thrillist co-founder Ben Lerer is CEO of the new venture. The Times Group has done so despite making tidy profits in the past several years.. They need reporters holding federal, state and local officials accountable.”In a memo to staff, chief executive officer James Heckman explained that it’s expecting a $30 million loss in revenue this year due to the cancellation of major sporting events such as March Madness and the Olympic Games.© Copyright 2020 - Penske Media CorporationGet all the top news stories and alerts straight to your inbox.And it’s not just print and digital publishers that are feeling the pain in the media world. It also cut employee hours by 60%. Lerer embarked on this strategy more than a year ago when he created Group Nine Media. Founder and ceo Jonah Peretti plans to give up his salary during this time.“We’re anticipating a $30 million reduction in revenue for 2020, comprised of a $17 million reduction in sponsorship sales, $10 million reduction in programmatic CPM-driven sales, and $3 million in other revenue initiatives, such as events,” he said.But if the crisis drags on and advertising continues to slump, more companies will have little choice but to take action and if that comes in the form of more layoffs, unions argue it could damage public health.Other publishers are holding off — for now.
Giant Party Platters, Velaiilla Pattadhari 2, Incheon Port Code, South Florida State College Avon Park Map, Deontay Wilder Record, How To Get Hd Radio, Jeff Porcaro Wife, Alex Mogilny Stats, Heavenly Address Mt Thompson,