Layoffs Hit Meredith, Bloomberg, News Corp

This week, layoffs hit Meredith Corp. and Bloomberg Industry Group.

Up to 400 people may be let go at News Corp. as it shifts its printing operations to The New York Times’ plant.

Meredith Corp. is letting go of 180 staffers. Some 50 people were laid off at the National Media Group, which houses its magazine brands. Its Local Media Group, which is made up of its broadcast channels, lost 130 people.

The cuts “address the ongoing COVID-19 crisis and position our business for continued growth. These include cost-control measures, as well as a reallocation of resources to higher-growth areas,” a spokeswoman told WWD, which first reported the news.

The pandemic took a toll on advertising for the media company: its Q4 and fiscal-year results for 2020 revealed ad cancellations and delays due to COVID-19 and magazine portfolio adjustments, which added up to a decline of $176 million.

Twenty-one people are losing their jobs at Bloomberg Industry Group, which publishes Bloomberg Law, Bloomberg Tax and Bloomberg Government. Most of those let go were on the business side.

In an email to staff, CEO Josh Eastright said those losing their jobs will be eligible to apply for other open positions at the company.

Eastright added that Bloomberg Industry Group has hired nearly 200 new employees this year.

Earlier this week, Publishers Daily reported that News Corp is cutting costs by changing printers for The Wall Street Journal, Barron’s andthe New York Post, which are based in the Bronx. The company is moving the processes to The New York Times’ printing plant in Queens.

New York Post now reports up to 400 people could lose their jobs if the plant closes, noting that transfer may not happen until early 2021.

Also this week, Fox News Media said it expects to cut less than 3% of its overall staff, or fewer than 80 employees.


Next story loading loading..