New York Magazine Lays Off 32 Employees
New York Magazine has laid off 32 employees Monday, according to multiple reports.
“New York Media, the parent company of New York magazine, laid off 16 full-time staffers and an additional 16 freelancers or part-time employees as the publication restructures, chief executive Pam Wasserstein said in a memo to employees on Monday,” according to one report.
The cut is a five percent reduction in full time staff members for New York Media.
“It has been a difficult day here,” Wasserstein said in the memo. “As part of our long-term planning process, we took a hard look at our existing structure and roles in an effort to most effectively organize our resources around our business strategy. I believe this restructuring is necessary to put us on the firmest possible footing as an independent company, though that does not make today any less painful.”
New York Media has been struggling for some time. It reportedly declined to pursue outside investment and the sale the magazine in February. The site implemented a paywall in November in an attempt to bring in more revenue. In the same month, Editor-in-Chief Adam Moss left the organization.
The magazine joins the likes of VICE, which recently laid off 250 employees, as well as BuzzFeed and HuffPost, both of which have recently cut staff.
The journalists will have to find new work elsewhere. They can learn the art of computer linguistics here.
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