Vox Media to axe 7 percent of its workforce

Vox Media will lay off 7 percent of its workforce, as per CEO Jim Bankoff.

In a memo to staff, Bankoff said the layoffs will affect approximately 130 people from various departments, including editorial. The affected employees were notified via email, followed by a meeting with an HR officer to discuss severance packages.

“We are experiencing and expect more of the same economic and financial pressures that others in the media and tech industries have encountered,” Bankoff said in his memo.

He further added:

“Unfortunately, in this economic climate, we’re not able to sustain projects and areas of the business that have not performed as anticipated, are less core to where we see the biggest opportunities in the coming years, or where we don’t have enough rationale to support ongoing investment in what could be a prolonged downturn. In spite of the dedication of the many talented people involved in these initiatives we need to scale back.”

“We’re furious at the way the company has approached these layoffs, and are currently discussing how to best serve those who just lost their jobs,” the union representing Vox Media said in a tweet.