Economist Group lays off 90; no editorial staff affected
The Economist Group said Friday that it is laying off 90 staffers, or just less than 7 percent of its 1,300-person workforce.
No editorial staffers are being affected.
“We have made the difficult decision to restructure and reduce roles in the parts of our business most affected by COVID-19,” the company said in a statement. “Each one of our departing colleagues has been instrumental in helping us build the business we have today and leaves with our heartfelt thanks and our promise to build on the legacy they leave behind.”
The areas of the business affected include events, the client solutions business, and TVC, which is its marketing communications agency.
In addition, the Economist is shifting 1843, its bi-monthly lifestyle magazine, to a digital-only format starting with the August/September issue. This change will increase the reach of 1843 content which will be available to Economist subscribers who have digital access. The shift to digital had already been under discussion but was accelerated due to the impact of COVID-19.
In addition, the CEO, editor in chief and other leadership team members have taken a voluntary reduction in pay.