Stories
Slash Boxes
Comments

SoylentNews is people

Over 1,000 Media Jobs Lost in One Day

posted by martyb on Friday January 25 2019, @03:16AM   Printer-friendly
from the YOUR-name-here! dept.

An Anonymous Coward writes:

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 cut roughly 250 jobs, or roughly 15% of its workforce, including jobs within its news division.
  • Gannett cut over 20 jobs Wednesday, per Poynter, with more expected as the company tries to shed costs amid buyout talks.

[...] Bottom line: Many news companies are struggling to find sustainable business models in the digital era. There's no sign it's getting any easier.

https://www.axios.com/digital-media-layoffs-consolidation-continue-1548289098-d3bd0e23-aef7-4ad5-8778-428391e80ac8.html

Previous: BuzzFeed to Cut 15% of Staff in New Round of Layoffs

Original Submission

 
This discussion has been archived. No new comments can be posted.
Over 1,000 Media Jobs Lost in One Day | Log In/Create an Account | Top | 24 comments | Search Discussion
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.

  • (Score: 3, Insightful) by Phoenix666 on Friday January 25 2019, @02:32PM (2 children)

    by Phoenix666 (552) on Friday January 25 2019, @02:32PM (#791761) Journal

    This morning at the barber's they had the local news channel on the TV. The "reporter" was exclusively talking about stories on the New York Times and the New York Post, literally talking over screenshots of the newspaper articles. It was surreal. (Maybe this is old hat to people who still watch TV--we cut the cord 15 years ago)

    If that's what your "reporting" consists of, why should anybody pay to advertise on your channel?

    --
    Washington DC delenda est.
    Starting Score:    1  point
    Moderation   +1  
       Insightful=1, Total=1
    Extra 'Insightful' Modifier   0  
    Karma-Bonus Modifier   +1  
    Total Score:   3  

  • (Score: 0) by Anonymous Coward on Friday January 25 2019, @04:00PM

    by Anonymous Coward on Friday January 25 2019, @04:00PM (#791823)

    Because they have an FCC license to a limited resource.

  • (Score: 2) by krishnoid on Friday January 25 2019, @07:38PM

    by krishnoid (1156) on Friday January 25 2019, @07:38PM (#791952)

    Well, you can't easily read a newspaper when you're getting a haircut. Besides, who reads anymore?