INSUBCONTINENT EXCLUSIVE:
Vox Media is making a number of cutbacks in response to the economic fallout from the COVID-19 pandemic.In addition to Vox itself, the
year.In a staff memo obtained by A Technology News Room (and others), CEO Jim Bankoff outlined several cost-cutting measures but no
outright layoffs.The measures including furloughing 9% of employees from May 1 to July 31
Bankoff said this will include some employees in sales, sales support, production, events, IT and office operations, along with editorial
staff at SB Nation and Curbed
He also said affected employees will retain their company health insurance during this period.In addition, the company is freezing wages
through the end of 2020, pausing its 401K match, reducing hours for 1% of employees and cutting salaries during the same three-month
Wasserstein taking a 50% salary reduction.In explaining the layoffs, Bankoff pointed to the broader economic collapse caused by the
pandemic, with the dramatic reduction in ad spending, which has led many other media companies to announce layoffs and/or salary
Weakness in March, driven by the cancellations of SXSW and March Madness, the collapse of travel, sports and fashion-related advertising,
and other factors led us to miss our revenue goals by several million dollars in the first quarter; the impact will be significantly greater
response to the news, painting the current plan as the result of negotiation:While we appreciate Vox Media talking to us in good faith, we
wider pay cuts to save all jobs
So we fought for strong protections
We won a guarantee of no layoffs, no additional furloughs, and no additional pay cuts through July 31, along with enhanced severance for any
layoffs that occur in August-December
The company also agreed to reduce the number of furloughs.
