Vox Media set to furlough 9% of employees due to coronavirus impact [Reuters]
Tribune Publishing Co (TPCO)
Last tribune publishing co earnings: 11/7 04:10 pm
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Source: Reuters
Vox Media set to furlough 9% of employees due to coronavirus impact NEW YORK (Reuters) - Vox Media, the owner of New York magazine, on Friday announced it is furloughing 9% of its workers in an effort to cut spending as the company’s revenues face the impact of the COVID-19 pandemic. The action will affect about 100 workers from May through July. About 1% of its workers will work under reduced hours and the company will have tiered pay cuts. Media companies are squeezed for cash and cutting costs as advertising takes a major hit during the pandemic caused by the coronavirus. Vox Media said it will continue to pay health insurance premiums for its furloughed employees. Vox Media Chief Executive Jim Bankoff said in the letter to employees that the cancellations of the South by Southwest festival in Austin, Texas, and the March Madness college basketball tournament and the collapse of advertising impacted the company’s revenue in the first quarter. “The impact will be significantly great
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