New York Media has laid off 32 people; half of them were full-timers, representing 5% of full-time staff.
The company behind the popular New York magazine was exploring options last year, including a sale.
The layoffs come at a punishing time for media generally, with BuzzFeed, HuffPost, Vice among those laying off staff this year.
New York Media, parent of the popular New York magazine and other online verticals including The Cut and Vulture, has laid off 32 people as it undergoes restructuring.
According to a memo viewed by Business Insider from Pam Wasserstein, the company’s CEO, the company has grown its revenue by diversifying in areas like e-commerce and a digital subscription product.
New York magazine is known for its strong print design, and it had maintained dedicated print staff to look after the magazine while other media outlets have integrated the two functions.
“I believe this restructuring is necessary to put us on the firmest possible footing as an independent company, though that does not make today any less painful,” she wrote. “In some cases, the changes we are making reflect a need for new focus as we built out our digital subscription business; in others, they reflect an overdue integration of print and …read more
Source:: Businessinsider – Technology