The Economist Group lays off 90
The Economist Group is laying off 90 roles from its staff of 1,300, sources tell Axios. Its life and culture print publication, 1843, will move to a digital-only publication. Sources say that the company's editorial team hasn't been impacted.
Why it matters: It's the latest media company that's been been forced to take drastic measures to survive the economic fallout of the coronavirus.
Details: The areas of the business affected by the cuts include events, client solutions business, and the company's marketing communications agency TVC.
- 1843, which prints bi-monthly, will move to a digital-only format starting with the August/September issue and will be made available to Economist subscribers who have digital access.
- The company's CEO, editor-in-chief, leadership team and board will take voluntary pay cuts.
What they're saying: "We have made the difficult decision to restructure and reduce roles in the parts of our business most affected by covid-19," The Economist Group said in an official statement.
- Each one of our departing colleagues has been instrumental in helping us build the business we have today and leaves with our heartfelt thanks and our promise to build on the legacy they leave behind."
The big picture: The pandemic is forcing dozens of major media companies, including newer, digitally-native media companies, to carry out layoffs and pay cuts.
- The Economist Group joins The Hollywood Reporter, Fortune, Billboard, Group Nine Media, BuzzFeed, Vox Media, Bustle Digital Group, Cheddar, Maven Media, G/O Media, Protocol and others who have resorted to layoffs and furloughs.