American magazine and multi-platform publisher, The Atlantic recently announced that it is laying off 68 employees as the coronavirus pandemic diminishes their event and advertising revenues, reported The New York Times. The cuts represent 17% of its staff.
In an internal memo sent by Chairman David Bradley, the staff was informed that even though the company has “exceptional growth” in print and digital subscriptions, there has been an “overnight and near-complete undoing of in-person events and, for now, a bracing decline in advertising.” The cuts represent 17% of staff.
The recent development at Atlantic is evidence that even the most robust media businesses are now facing hardship due to the crisis that has impacted the print and advertising industry worldwide. The announcement by the magazine publisher is in line with the recent layoffs in the news media industry recently. Major corporations like The Times Group, Vice Media, Conde Nast, The Economist and Quartz, all have laid a significant number of employees during the pandemic.
Along with the layoffs, Atlantic also announced pay cuts for executives and a general pay freeze for the rest of the year. “I was to tell our departing colleagues how deeply sorry I am. If we saw any prospect that your jobs souls return in a reset Atlantic, we would have found another way forward,” read the memo.
He added that the layoffs resulted from “the overnight and near-complete undoing of in-person events and, for now, a bracing decline in advertising.”
“There is no fault on the people leaving the firm,” Bradley wrote. “What makes this so particularly difficult is that these are exceptional and beloved Atlantic colleagues. They are exactly the same good people who were selected to join us at the outset. Measure for measure, they have contributed to The Atlantic as have those who are remaining. It is only that the ground has shifted.”
The staff cuts most deeply affects The Atlantic’s live events division, but reductions also are being made in sales and marketing and a small number in the newsroom, according to a company announcement. They also are closing their video department.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.