Dotdash Meredith is cutting 7% of its staff, 274 jobs in all, across all departments.
The cuts, announced in an email by CEO Neil Vogel on Thursday morning, were to take place the same day.
In the email, Vogel said that the leaders and HR staff would meet with affected employees.
Parent IAC recently disclosed that Dotdash Meredith suffered a 28% decline in revenue YoY in December. Driving this was an 18% falloff in digital revenue and 39% in print.
Vogel noted that the company is "not immune to the broader challenges of the ad industry and of the economy as a whole."
He added, “Like many businesses in our space, we have grown aggressively over the last few years, while also integrating our two companies,” according to The New York Times. “With the difficult market environment and economic uncertainty that lie ahead, we must prioritize our biggest opportunities and make sure we have the proper cost structure in place to pursue them.”
Dotdash Meredith, publisher of such titles as People and Better Homes & Gardens, was acquired by IAC for $2.7 billion in 2021.
In addition to severance, those losing their jobs “will be offered transition support including outplacement services," Vogel continued.
The reductions were first reported by Axios.