Business Insider, owned by Axel Springer SE, will lay off approximately 8% of its staff as part of a restructuring effort. CEO Barbara Peng stated that the company is focusing on its future direction and making necessary changes to ensure long-term sustainability. Impacted workers will receive 13 weeks’ pay, medical coverage through May, and career support sessions.
Los Angeles Times
The Los Angeles Times will lay off at least 115 people, which accounts for over 20% of the newsroom, in response to ongoing losses. Owner Dr. Patrick Soon-Shiong emphasized the need to build a sustainable paper for future generations. The layoffs have faced backlash from the LA Times Guild, highlighting the impact on diverse reporters.
Authentic Brands Group revoked the license of Sports Illustrated, resulting in significant layoffs. The Arena Group, which published the magazine, missed payments and failed to address its debt burden. Authentic Brands Group expressed commitment to preserving the integrity of the Sports Illustrated brand.
TIME Magazine will lay off around 15% of its unionized editorial staff and additional non-union roles. CEO Jessica Sibley stated that the decision was necessary for the outlet’s future growth and financial improvement. The TIME Union expressed heartbreak and outrage, demanding transparency regarding company finances.