17.6 C
New York

Dotdash Meredith to Cut 274 Staffers Amid “Economic Uncertainty” – The Hollywood Reporter

Published:


Dotdash Meredith, which publishes People, Better Homes & Gardens and InStyle, will lay off 7 percent of its employees.

In a memo sent to staff Thursday, CEO Neil Vogel said the cuts were coming as the publisher was impacted by the “broader challenges of the ad industry and of the economy as a whole.” The layoffs will impact 274 people across almost every department

The company was formed after Barry Diller’s IAC-subsidiary Dotdash acquired magazine publisher Meredith in 2021 in a $2.7 billion deal. In 2022, the company ceased the print publication of six titles, including Entertainment Weekly, InStyle, Health, EatingWell and Parents, which led to the elimination of 200 jobs, largely around the print operations. 

Vogel cited the current layoffs as part of the plan to continue the company’s momentum amid “economic uncertainty.” IAC is scheduled to report its fourth-quarter earnings on Feb. 14. 

“Like many businesses in our space, we have grown aggressively over the last few years, while also integrating our two companies. With the difficult market environment and economic uncertainty that lie ahead, we must prioritize our biggest opportunities and make sure we have the proper cost structure in place to pursue them,” Vogel wrote. 

This is the latest layoff to hit the media industry, following cuts at Vox Media, which publishes Vox, The Verge and New York magazine, as well as layoffs at Vice, CNN and others. 

The tech world has seen large-scale layoffs, as Spotify announced plans on Jan. 23 to cut its workforce by 6 percent, joining Alphabet, Amazon, Microsoft and Meta, all of which have slashed staff numbers. 

The full memo from Dotdash Meredith CEO Neil Vogel is below:

Team – 

Today, we are making staffing cuts that affect 274 people, 7% of our total employees. HR and business leaders have scheduled 1:1 meetings this morning with those who are impacted. As we have said, we are not immune to the broader challenges of the ad industry and of the economy as a whole, and today’s actions are a direct response to these realities. 

These decisions are difficult, and it is hard to see friends and colleagues depart. We are grateful to those leaving the company, whose effort and talent have been significant contributors to our business. Departing colleagues will receive severance, options for health insurance continuation, and will be offered transition support including outplacement services.

Like many businesses in our space, we have grown aggressively over the last few years, while also integrating our two companies. With the difficult market environment and economic uncertainty that lie ahead, we must prioritize our biggest opportunities and make sure we have the proper cost structure in place to pursue them. Today’s actions provide for the most effective and focused use of our resources and put us in a position of strength as we look toward the future. 

We remain as confident as ever in our future at Dotdash Meredith. We will have an All-Hands on Monday to talk about the path ahead from here, look forward to speaking to everyone then.

NV



Related articles

Recent articles