Fortune Magazine, the 95-year-old business-focused publication, became the latest media outlet to cut jobs on Monday, with the magazine’s boss pointing to the rise of artificial intelligence and declining web traffic as key drivers behind the decision.
Anastasia Nyrkovskaya, the CEO of Fortune, said approximately 10% of staffers were being laid off in a memo obtained by TheWrap. The magazine has 360 full-time staffers, according to Pitchbook, which would mean a few dozen employees lost their jobs on Monday.
“The business landscape is changing rapidly, between the onset of AI, the resulting decline of website traffic trend and the rise of audio and video as popular formats,” Nyrkovskaya said in her memo. “Sustainable media business models need to change along with it.”
Moving forward, she said Fortune would be focused on building a “more efficient organization” and “streamlining collaboration across our business units, sales and editorial teams.” Nyrkovskaya did not specify which teams in particular would be hit by the layoffs, and reps for Fortune did not immediately respond to TheWrap’s request for comment.
Nyrkovskaya added Fortune will look to deliver “premium editorial content” based on staples like its “Fortune 500” list, which ranks the biggest 500 American companies in terms of sales, as well as “leaning into” other aspects of its business, like events.
Fortune’s layoffs add to a growing list of media companies that have been hit by job cuts in 2025. IndieWire, Forbes, Vox, The Washington Post, Scripps and the Huffington Post are just some of the outlets that have laid off employees in 2025, as well as Bloomberg News, which cut some staffers earlier this month.
Semafor’s Max Tani was the first to report Fortune’s cuts on Monday.
