Morning Brew lays off 40 people

Morning Brew is laying off 40 employees, according to an internal note to staff.

Why it matters: It's the second round of layoffs for the digital news outlet that targets millennials since last November, when it shed 14% of staff.

Details: "As you know, since November, we've been undergoing a cost-cutting initiative to ensure our business is properly organized for our next stage of growth in this volatile advertising market," CEO Austin Rief wrote in the note.

• "While we've made progress over the last few months, and I'm confident we are on the right path, today I am sharing sad news. As a part of a business reorganization, we will be saying goodbye to 40 of our Morning Brew team members," the note continued.
• Departing staffers will get 10 weeks of severance, in addition to support benefits.
• Rief said Morning Brew is working with its parent company, Axel Springer, to refer Morning Brew employees to other portfolio companies with open roles. (Axel Springer also owns Insider and Politico in the U.S.)

The big picture: Dozens of media and tech companies have undergone layoffs this year in response to a slowdown in the advertising market.

Go deeper:

• Media layoffs loom large over 2023
• Media layoffs spike amid recession fears
• Bad winter coming for U.S. media companies