The Scoop
Business Insider is cutting 8% of its staff, the latest news organization to cut staff in recent weeks amid industry-wide struggles.
In a note to staff on Thursday obtained by Semafor, Business Insider CEO Barbara Peng said the company closed out the year with “a plan in place, a clear target audience, and a vision,” but that meant “the company needs to “scale back in some areas of our organization.”
“As part of this new direction, today we are announcing we are reducing the size of our team — a change that impacts about 8% of our people,” she wrote. “We’re saying goodbye to wonderful colleagues who have helped build Business Insider into what it is today. We are deeply grateful for their passion, energy, and teamwork, and we appreciate them.”
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Business Insider’s struggles similar woes at other news outlets that announced layoffs this week. The Los Angeles Times cut 115 employees on Tuesday after its owner said that the company continued to lose millions every year despite personally investing over a billion dollars in the paper in recent years. Semafor also first reported this week that TIME magazine laid off 30 roles.
“In the year ahead, as we focus on the next phase of our growth, accelerating TIME’s path to profitability is our key priority,” CEO Jess Sibley said in a note to employees. “We must continue increasing our revenue while managing operating costs efficiently. Over the last 12 months we have diligently reduced our expenses. There is still more work ot be done. While we have seen positive signs of growth at TIME over the last year, out industry remains challenged and unpredictable overall.”