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August 7, 2024
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Legacy Media Bloodbath Escalates with More Layoffs and Shutdowns for Leftist News Outlets


Image: Official White House Photo by Erin Scott

โ€˜Given the cuts made earlier this year, it suggests that the changes are far from overโ€™

This article originally appeared on WND.com

Guest by post by Joe Kovacs

Severe financial turmoil in the media world is continuing with more shutdowns and layoffs taking place this week.

Axios is laying off some 50 staffers, CEO Jim VandeHei announced Tuesday in an internal memo.

VandeHei told his workers the outlet would be nixing 50 positions to โ€œget ahead of tectonic shifts in the media, technology, and reader needs/habits.โ€

โ€œThis is a painful but necessary move to tighten our strategic focus and shift investment to our core growth areas,โ€ he wrote.

โ€œWeโ€™re making some difficult changes to adapt fast to a rapidly changing media landscape.โ€

VandeHei noted he sought to break the news to each staffer individually, โ€œbut the mechanics of that proved infeasible.โ€

โ€œToday is a sad day, and our full emphasis will be on handling a hard moment with grace, empathy, and honesty,โ€ VandeHei added. โ€œOur departing colleagues will be treated with great respect, and with thoughtful severance packages to provide runway toward their next opportunity.โ€

The CEO is taking full responsibility for the slashing, indicating: โ€œThe right way to handle this is forthrightly and transparently.โ€

โ€œThis isnโ€™t a reflection on anyoneโ€™s work โ€“ itโ€™s because of changes in the media business,โ€ he said. โ€œIf youโ€™re understandably upset by the decision, please direct your frustration at me.โ€

โ€œMeanwhile, two venerable TV trade publications, Broadcasting & Cable and Multichannel News, will shut down, according to their owner Future Plc, citing the โ€˜rapid transformationโ€™ of the industry,โ€ the Hollywood Reporter explained. โ€œThe Broadcasting & Cable Hall of Fame will continue, even as the print magazines and newsletters of the trade outlets end.โ€

โ€œThe outlets long served as a training ground for media and entertainment reporters, and as bibles for the broadcast and cable TV industries, with B&C tracing its print edition all the way back to 1931, when it launched as Broadcasting magazine.โ€

Also Tuesday, Ziff Davis acquired CNet from Red Ventures for about $100 million. CNet had been previously acquired by CBS for $1.8 billion and later sold to Red Ventures in 2020 for $500 million.

โ€œThe sharp decline in value underscores the perilous media moment,โ€ said Alex Weprin at the Hollywood Reporter, adding, โ€œIt is not immediately clear what will happen to CNet staff.โ€

โ€œThe turbulence, from fire sales to shutdowns to layoffs, also coincide with an advertising market that continues to struggle. And given the cuts made earlier this year, it suggests that the changes are far from over.โ€

Copyright 2024 WND News Center

The post Legacy Media Bloodbath Escalates with More Layoffs and Shutdowns for Leftist News Outlets appeared first on The Gateway Pundit.

Source: The Gateway Pundit


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