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Vox Media is laying off 39 employees in the sales, marketing, recruiting and editorial departments, CNBC reported. Additionally, the mass media company with offices in New York City and Washington DC will be slowing down hiring and reducing non-essential expenses.
The job cuts affect employees in sales, recruiting and certain editorial teams. In a memo to staff, Vox Media CEO Jim Bankoff directly cited deteriorating economic conditions for the decision.
“The current economic conditions are impacting companies like ours in multiple ways, with supply chain issues reducing marketing and advertising budgets across industries and economic pressures changing the ways that consumers spend,” Bankoff wrote reported CNBC.
Bankoff said that the layoffs affect “under 2% of the company.”
Several employees at Thrillist, one of the brands acquired in the Group Nine deal, tweeted Wednesday they’ve been laid off.
Source - CNBC
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