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More than 1,000 media jobs lost in one day
The media industry’s current round of cuts and consolidation is accelerating. Sizable layoffs at Buzzfeed, Gannett and Verizon Media (home of AOL, Yahoo, HuffPost and others) were announced Wednesday, totaling over 1,000 jobs cut.
Why it matters: If the headlines signal anything, it’s that the news media will continue to struggle to find a sustainable business model in an advertising and attention ecosystem dominated by tech companies like Google, Facebook and Netflix.
By the numbers:
Verizon Media will cut roughly 800 jobs, or 7% of its global workforce across the organization, as well as certain brands and products. Verizon CEO Hans Vestberg told Axios earlier this month that each of the company’s three units, including the media business, needed to be able to stand on their own. (A company spokesperson later clarified to Axios that Verizon Media Group will still have access to Verizon customer data when customers opt in to provide such information.)
Buzzfeed will cutroughly 250 jobs, or roughly 15% of its workforce, including jobs within its news division.
The big picture: The struggle to create businesses that can support a healthy news environment is universal across the information ecosystem. It exists at the local, national and global levels, and across digital, print and television operations.
