More than 3,000 editors, reporters and news industry professionals have lost their jobs in the past year, Bloomberg News reported. These include the recent layoffs at Los Angeles Times, Time and Sports Illustrated.
The report said that Time magazine slashed 15 percent of its staff, while Vogue’s publisher Condé Nast and The New Yorker had each cut five percent of jobs. Meanwhile, Forbes Media announced to cut three percent of its staff.
Arena Group Holdings, the publisher of Sports Illustrated – which has laid off all of its staff – reportedly defaulted on a licensing payment to Authentic Brands Group, which owns the name.
The report, however, cited decline in advertising as the major reason for the layoffs.
It said that BuzzFeed Inc, which shut its news division last year, reported a 35 percent decline in advertising in the third quarter. The Los Angeles Times, it added, had seen a dip in ads worth $60 million during the pandemic.
This report was published with AI assistance.
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