Business Insider plans to lay off around 8 percent of its employees as a cost-cutting measure, according to a memo sent by the outlet’s leadership to staffers Thursday.
“This year is about making it happen and focusing our company and efforts towards this future. We have already begun to refocus teams and invest in areas that drive outsize value for our core audience,” CEO Barbara Peng wrote in the memo. “Unfortunately, this also means we need to scale back in some areas of our organization.”
A version of Peng’s memo was posted online Thursday, while a longer copy sent to employees and shared with news outlet Semafor told staffers “if your role is impacted, you will receive an e-mail in the next 15 minutes.”
“Our primary focus is providing our impacted colleagues with clarity and support. Those leaving today will receive a minimum of 13 weeks pay and medical coverage through May,” Peng wrote. “We will also offer career support services including 1:1 coaching sessions, resume review, and training on networking, interviewing, and negotiations.”
Business Insider is just the latest in a slew of media companies to implement deep cuts as news providers face major financial headwinds and a difficult advertising market. The Los Angeles Times eliminated dozens of jobs this week, while Time and The Washington Post have also made significant job reductions in recent weeks.
Business Insider is owned by media conglomerate Axel Springer, which also owns Politico and European tabloid Bild.