Insiders cut 100 jobs as company battles ‘huge stress’

modes

Exclusive details

by Alexandra Stegrad

April 20, 2023 | 12:10 p.m

News Insider — formerly Business Insider — said it is cutting 10% of its workforce due to “significant pressure” and “economic headwinds.”

“The economic headwinds that have hurt many of our customers and partners are also affecting us,” said Insider CEO Henry Blodget and President Barbara Peng. wrote in a note Thursday. “Unfortunately, to keep our company healthy and competitive, we need to reduce the size of our team.”

News of Insider’s layoffs comes as BuzzFeed’s parent company announced that it will shut down the award-winning BuzzFeed News website.

The Insider change will amount to nearly 100 jobs being cut at the New York-based media company, which employs 950 people globally.

“This is a difficult time for all of us,” the executives said. “As we go through this transition, things may feel a little bumpy. We will get through it together, just as we always have.”

They said employees affected by the layoffs will receive an email Thursday morning.

Each laid off employee will receive 13 weeks of base salary plus two weeks for each year they have been employed as Insider for four years.

In addition, laid-off employees will receive a personal laptop computer.

The executives said they would work with the union to “provide clarification on the proposed changes,” and that Insider would provide the union with the proposed changes for negotiation.

It is unclear how many of the laid-off journalists are affiliated with the NewsGuild of New York.

The union did not immediately respond to a request for comment.

The administration also said that these layoffs may not be the final round.

“We can’t promise that — no company can,” Insider wrote. “But after this reduction we will be in a stronger position as we move forward.”

An Insider source said there will be a company-wide meeting at noon, which will provide more clarity on the layoffs of union members.

“People are afraid and worried about the next round,” the source said. “It’s not surprising, though. Over the past few years, Insider has been on a hiring spree.”

The source told The Post that departments dealing with breaking news and rewrites were “hit hard,” and there were some cuts to imagery and audience development.

Insider’s international teams will not be affected, according to The Daily Beastwhich cited an email from UK Office Chief Spreeha Srivastava.

“We understand that this is a difficult time for everyone and some of you will have fellow Americans affected by the changes,” Srivastava wrote. “Today, I am asking all of you to help support our colleagues in the United States by continuing to cover great stories and produce great journalism.”

The company said it chose who stays on Insider based on “where we see future potential,” the company said in an attached email Q&A about the layoffs.

The job cuts come a week after Global Editor-in-Chief Nicholas Carlson he said in a note published by Semaphore that the company planned to integrate artificial intelligence into the newsroom.

“Generative AI can make all of you better editors, reporters, and producers, too,” he wrote to staff.

The media industry has also been scrambling to adjust to a tough advertising market, high inflation and fears of a recession.

Competitors like CNN, Washington Post, NPR and Vox Media have all announced layoffs this year.