Wednesday was a not the best day because of mass media layoffs, though the news was from the two big companies in the industry.
The cable-television network, ESPN has announced that they’re cutting 150 jobs. The company’s official announcement mentions employees who are affected will receive a 2017 bonus, a severance, and continuing health benefits and outplacement services.
Meanwhile, ESPN wasn’t the only company to layoff their employers this week, because BuzzFeed also announce which affects 8% of their workforce. Though they’re parting with 100 employees in total from their business operations, Buzzfeed will go to a restructuring of their US business team in the future. Faced with the tough realities of online media, it’s had to reevaluate its business model. The layoffs will affect business operations and won’t be involved in editorial, although some writers are expected to also lose their jobs in Britain.
According to the staff memo from Jonah Peretti, CEO and Founder of Buzzfeed team, the members of the business—including sales, creative, client services, marketing and more—will be let go as that division becomes restructured. This is a purpose to keep up with the upcoming new “diversifying revenue model”. As a part of the change, President Greg Coleman will transfer into a new title at the company, though the company didn’t mention the new role yet.
According to a memo from ESPN President John Skipper, he comments for the layoffs as,
The majority of the jobs eliminated are in studio production, digital content, and technology and they generally reflect decisions to do less in certain instances and re-direct resources.
We will continue to invest in ways which will best position us to serve the modern sports fan and support the success of our business.