The coronavirus-induced economic slowdown has already been hitting retailers hard, and the hiatus of publications like W Magazine have proven that the media isn't immune to the shocks, either. On Wednesday, another media titan revealed that it's being impacted: Condé Nast announced via a letter from CEO Roger Lynch that it is laying off nearly 100 employees.
"Our leaders and I have been working hard to turn over every stone before having to make job reductions that would impact our teams," Lynch wrote in a letter that was shared by a Daily Beast employee on Twitter. "We are at a place today where we need to take additional steps."
Those steps, he went on to detail, would include "just under a hundred people" leaving the company, and "a similar number of people in roles that can't effectively work during this period being temporarily furloughed." A "handful" of people will also see their work hours (and presumably, their pay) reduced. Severance pay and "job placement resources" will be made available to laid-off employees, and furloughed team members will still have access to their healthcare benefits.
Employees who will be affected by the cuts are to be notified later in the day on Tuesday, Lynch said. There's no official word yet about which teams at which Condé Nast titles will be most heavily impacted by the cuts, but it's not hard to imagine print teams will be taking a hit of some kind as print products are impossible to produce right now.
"To our friends and colleagues leaving our company, I would like to say thank you for everything you've done for Condé Nast," Lynch said.