Vox Media Lays Off 70 Employees, 6% of Workforce

Vox Media, the publisher of New York magazine, the Verge and SB Nation, is laying off about 6% of its workforce—or some 70 people—as a result of the economic fallout from the coronavirus pandemic, the company said Thursday.

The Wall Street Journal reports the cuts will primarily affect employees who had been furloughed in April but also some who weren’t, Chief Executive Jim Bankoff said in a memo to staff. He said he believes the reduction “will be sufficient to weather this downturn and uncertainty, without need for significant additional measures.”

“It’s becoming increasingly clear that the second half of the year will not rebound anywhere near our pre-Covid forecasts,” he said. “Furthermore, as cases rise tragically across the country and many of our elected leaders avoid decisive action, we have very limited visibility into the timing or strength of a recovery.”

Mr. Bankoff also said the company was restoring full pay for those who had their salaries reduced in May. At the time, the company introduced a tiered pay reduction for those making more than $130,000 a year. He said his pay cut of 50% would continue, as well as the pay reductions of the company’s executive staff.

Like many media outlets, Vox suffered sharp revenue declines as the pandemic drove down advertising spending and caused it to stop producing lucrative events