"While these decisions are profoundly difficult, they have been made to ensure the long-term financial stability of The Atlantic," the magazine said Thursday.announced plans on Thursday morning to lay off 68 employees, nearly 20 percent of the magazine's staff, amid "the current economic climate."
Outgoing owner David Bradley told staff that the cuts are coming despite huge boosts in readership and subscriptions — 90,000 new ones — amid the publication's strong coverage of the spread of the novel coronavirus.coverage of the global crisis has been unparalleled," the publication said in a statement. "Our journalists are setting the terms of the national conversation, and our readership has more than doubled since the start of the pandemic.
The cuts will most directly affect the magazine's live events business, "given the uncertainty about when in-person events will return. We are also making a number of reductions in our sales and marketing team; are closing our video department; and are losing a small number of newsroom positions."is also enacting company-wide, temporary salary freeze, along with pay cuts for executives. Bradley said this morning's memo was the hardest one he has written in his 22 years.
"There is no fault on the part of people leaving the firm," he wrote. "What makes this so particularly difficult is that these are exceptional and beloved Atlantic colleagues. They are exactly the same good people who were selected to join us at the outset. Measure for measure, they have contributed to The Atlantic as have those who are remaining. It is only that the ground has shifted.
Affected employees will be notified by 11 a.m. E.T., Bradley said. "If you have not heard from your division leader by that time, your position atThose laid off will receive four months of salary plus two weeks for each year of service beyond the first year, along with health insurance for the rest of the year.in 2017. In February 2018,announced an ambitious hiring spree, with plans to bring on 100 new staffers, representing a 30 percent boost in head count.
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