CNN Digital recently parted ways with 40-something employees as part of a restructuring. While layoffs are commonplace in the media industry, Vox Media had gone more than 12 years without a major round of cutting. “However, staying ahead of the pack in this business requires not only relentless execution, but also making tough decisions like this, doing what we must when necessary to maximize opportunity in places with the clearest positive outcomes.”Īt an industry conference last week, Bankoff said the company would be moving away from producing Facebook-native content, citing “its unreliable monetization and promotion.” “We are in a strong place creatively, journalistically, and financially,” he said.
The company will continue to invest in newer initiatives that are doing well, including podcasting and the production arm Vox Entertainment. In the memo, Bankoff made clear that Vox Media is making these changes to ensure the continued strength of the company, which has seen growth in both audience and revenue. “We are cutting Racked’s native social video and shopping programs, but will continue to support the rest of their incredible journalism and talented team of reporters.” The spokesperson confirmed, though, that some Racked staffers are being offered editorial roles at other Vox Media brands. “The Racked brand is not folding,” a company spokesperson said. While a rumor circulated within the company and online that shopping and style brand Racked is closing, the company said that’s not the case.
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We commit to treating all those affected with professionalism, compassion and dignity.”īankoff said that initiatives around native social video, while “growing successfully and surpassing audience growth goals, won’t be viable audience or revenue growth drivers for us relative to other investments we are making.” He cited “industry changes over the past few months and our long-term budgeting process” as contributing factors.
We know it has a big impact on the lives of our co-workers who will be leaving, as well as on the morale of those who remain. He continued: “Our leadership team and I took this decision very seriously. Oscars: Janet Yang Elected President of Film Academy
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