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Business Insider axes 8 percent of staff
https://www.whatjobs.com/news/usa/us-employment-news/business-insider-axes-8-percent-of-staff
By Nithya Bose in Business News, posted January 29, 2024
Business Insider has announced an 8 percent cut to its staff, part of a growing trend of layoffs in the media sector this month.
In an internal memo, CEO Barbara Peng said these reductions align with a strategy announced last year.
The move focuses primarily on business, tech, and innovation news.
Ms. Peng said: “We have already begun to refocus teams and invest in areas that drive outsize value for our core audience.
“Unfortunately, this also means we need to scale back in some areas of our organization.”
She added: “We’re committed to building an enduring and sustainable Business Insider for the coming years and beyond.”
In November, the company reverted to its original name, Business Insider, from Insider.
The publication's top editor Nicholas Carlson described this as the beginning of a "new era," focusing on the company's core strengths.
A Business Insider spokesperson did not disclose details about the specifics of the layoffs.
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In April, the firm let go of 10 percent of its workforce, around 950 global employees, due to economic challenges.
German media conglomerate Axel Springer owns Politico and Business Insider.
He was recently involved in a controversy with billionaire hedge fund manager Bill Ackman following an article about his wife, Neri Oxman, alleging plagiarism in her dissertation.
After an internal review, Business Insider stood by its article.
These layoffs come amid a wave of cutbacks in the American media industry.
Recent weeks have seen substantial reductions in The Los Angeles Times, Sports Illustrated, Time magazine, and The Washington Post.
Additionally, unionized staff at The New York Daily News and Forbes initiated a walkout last week.
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