By Todd Spangler NY Digital Editor Vox Media, the company that owns titles including New York Magazine, Vulture, The Verge, and SB Nation, is furloughing 9% of its employees without pay for a three-month period.
It’s also taking other steps to cut costs during the COVID-19 downturn, including tiered salary reductions for remaining staff and halting 401(k) contributes.
Effective May 1-July 31, about 9% of Vox Media’s employees — about 100 people — will be furloughed without work, CEO Jim Bankoff wrote in an internal memo, which was obtained by Variety. “Today we are taking some of the most difficult and important cost reduction actions in our company’s history,” Bankoff wrote. “The expectations that we had just a few weeks ago for our
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