REPORT: News company lays off 20 percent of staff amid advertising collapse
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Atlantic Media, publisher of The Atlantic magazine, said it will cut about 20 percent of its staff in response to the advertising collapse tied to the coronavirus crisis.
Chairman David Bradley, a health care billionaire, revealed the news in a memo to staffers on Thursday.
The article goes on to state the following:
“This morning, we are informing 68 of our colleagues that we will not have a place for them on The Atlantic’s new course. The contraction affects mainly our events, sales and editorial staffs.”
Bradley said there will be “pay cuts for executives and a general pay freeze for the rest of the year” for the remaining staff.
The Atlantic is laying off about 20% of its staff — 68 people across divisions — per a memo from David Bradley, after collapse of events business. pic.twitter.com/XCJKLeXYTy
— Ben Smith (@benyt) May 21, 2020
The Atlantic newsroom is not unionized, FWIW
— Andrew Beaujon (@abeaujon) May 21, 2020
— New York Post (@nypost) May 21, 2020
“The Atlantic joins The Hollywood Reporter, Fortune, Billboard, The Economist Group, Group Nine Media, BuzzFeed News, Vox Media, Bustle Digital Group, Cheddar, Maven Media, G/O Media, Protocol and others who have resorted to layoffs and furloughs.” https://t.co/Vso7ZTjiZb
— Jennifer L.W. Fink (@jlwf) May 21, 2020
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