May 15, 2020 - Economy & Business

The Economist Group lays off 90

Illustration: Sarah Grillo/Axios

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.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.

Minneapolis will ban police chokeholds following George Floyd's death

A memorial for George Floyd at the site of his death in Minneapolis. Photo: Steel Brooks/Anadolu Agency via Getty Images

Minneapolis has agreed to ban the use of police chokeholds and will require nearby officers to act to stop them in the wake of George Floyd's death, AP reports.

Why it matters: The agreement between the city and the Minnesota Department of Human Rights, which has launched an investigation into Floyd's death while in police custody, will be enforceable in court.