Vox Media Furloughs 9% Of Staff, Reduces Salaries Over $130K

Vox Media is the latest publisher to announce cuts to its workforce, due to financial pressures brought on by the COVID-19 pandemic.

Today, the company told employees that it will furlough 9% of staff and institute tiered salary reductions for employees making over $130,000.

The furloughs will last from May 1 to July 31 and impact sales, sales support, production, events, support functions, including IT and office operations, and the editorial staffs of SB Nation and Curbed, reports The Wrap, which reviewed a memo sent to Vox Media employees.

Vox Media CEO Jim Bankoff noted the impact of the pandemic should not be attributed to other challenges facing the media business.

Bankoff wrote: “This is clearly very different. While the severity of the pandemic’s effect varies across institutions and individual lives, it is universal, and no one is immune from its impact. Vox Media is no exception, but if we act swiftly, wisely and compassionately, we can increase the probability that we will be able to continue to build the strong company for which we are proud to work.”

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In addition to the salary reductions and furloughs, Vox Media will freeze salary increases and 401(k) matching contributions through the end of the year.

Earlier this month, Vox, part of Vox Media, launched an audience contribution program asking readers to help fund its journalism. Under the program, readers can contribute $7, $18, $50 or $100 as a onetime or monthly payment. Vox said it will continue to offer its content free without a paywall.

A post on the site introducing the program read: “While the economic crisis continues, advertising dollars will shrink as the public need for our service grows. That’s why we are turning to you, our loyal audience, for support.”

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