The Economist Group, which publishes the Economist newsmagazine, laid off 90 noneditorial employees Friday. Further, the company ceased publication of its bimonthly culture and lifestyle magazine 1843, which will become a digital-only brand going forward.
“We have made the difficult decision to restructure and reduce roles in the parts of our business most affected by covid-19. Each one of our departing colleagues has been instrumental in helping us build the business we have today and leaves with our heartfelt thanks and our promise to build on the legacy they leave behind,” a spokesperson said of the layoffs and changes.
Prior to the layoffs, the group employed about 1,300 people. While editorial was unaffected, marketing and events departments had cuts and executives like CEO Lara Boro and editor in chief Zanny Minton Beddoes took voluntary pay cuts.
Friday’s cuts at the Economist Group came the same day that Vice Media laid off 155 staffers, two thirds of them overseas.
It also follows weeks’ worth of layoffs, furloughs, pay cuts and restructuring at other digital media companies and newspapers. The coronavirus pandemic has ravaged the American economy, which in turn has decimated digital media, which relies largely on ad sales for revenue.