Popular Media Companies Now Announce Unexpected Layoffs

February 27, 2024

Popular media companies now announce unexpected layoffs in efforts to reduce costs as they struggle to stay afloat.

Vice Media and BuzzFeed ,are in a frenetic retreat, surrendering much of their online empires as they try to protect what remains of their core assets, reports CNN Business.

“Having once threatened to upend the entire industry and usher in a new era of news distribution and monetization, the former digital media darlings are now merely attempting to survive in any form they can,” reports the outlet.

“As they retreat, their large newsrooms once filled with rows of journalists are now shutting off the lights and closing their doors.”

BuzzFeed, which already trimmed its workforce after several waves of layoffs, announced this week that it will slash another 16% of its staff as it undergoes “planned strategic restructuring” to reduce costs.

Vice Media said on Thursday that it will lay off ‘hundreds of staffers as it ceases publishing on its own website’ and pivots into a business that resembles a studio.

“It’s devastating to have a group of reporters who have made such a significant impact in the world have their jobs end in this way,” one senior Vice Media staffer told CNN Business about the ‘ugly state of affairs’.

Vice staffers will receive severance pay should the media company fall to its knees.

Staffers struggled to work amid rumors circulating about the outlet’s fate, with one staffer telling me that it was like watching “the violinists playing aboard the sinking Titanic.”

For more news and updates like this, opt-in for push notifications.

Also Read: This Massive Restaurant Is Now Closing 41 Locations

Other Economy News Today

This massive entertainment company is now laying off 900 workers, or 8% of the units global employees, sources report.

Sony on Tuesday said it will lay off about 900 employees in its PlayStation unit, or 8% of its global workforce, becoming the latest technology company to announce headcount trims, reports CNBC.

“After careful consideration and many leadership discussions over several months, it has become clear changes need to be made to continue to grow the business and develop the company,” the unit’s President and CEO Jim Ryan said in an email to employees, released publicly by the company.

He added that employees across all of the company’s regions will be affected by the layoffs.

PlayStation’s London studio will close in its entirety, with several other studios due to be affected.

The Japanese gaming giant cut its sales forecast for its flagship PlayStation 5 console on February 14 after it warned of lower demand.

Sony at the time said it expects to sell 21 million units of the PlayStation 5 in the fiscal year ending in March, trimmed from a previous forecast of near 25 million consoles.

The company’s shares plunged sharply after the forecast cut announcement.

Analysts had anticipated that Sony could move to release a refreshed version of the PlayStation 5 this year, seeking to boost interest in the game console.

Tuesday’s announcement from Sony is the latest in a string of layoffs affecting the tech industry.

In January, Microsoft laid off about 9% of its gaming unit after its acquisition of Activision Blizzard.

Earlier this month, Cisco and DocuSign both announced plans to cut their workforces as part of restructuring plans.

For more news and updates like this, opt-in for push notifications.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰