IBT Media’s Future In Question After Another Round Of Mass Layoffs

By June 30, 2016Bitcoin Business

At least 30 reporters and editors were laid off from IBTimes on Thursday, just three months after an earlier round of layoff cut at least 15 staffers. IBT Media is the parent company of IBTimes, which I worked for from 2011-2014, and Newsweek. IBT Media said in a statement that the cuts were part of a “corporate restructuring” and that Newsweek will “split off into a separate operational entity”– prompting some to speculate that IBT Media may be looking to sell the magazine.

According to sources within the company, IBTimes’ media, tech, business, and international desk were essentially dissolved. Newsweek CEO Jim Impoco will remain in his position, but ReCode reports that 5 to 10 yet-unnamed Newsweek staffers are expected to be let go tomorrow. According to Politico , those cut at IBTimes will receive one week’s severance for every year at the company, provided they do not secure employment within two weeks.

IBTimes’ Global Editor-in-Chief Peter Goodman left the company in March after a two-year tenure. His replacement, DayanCandappa, who joined IBTimes in May, will continue in the position.

Erin Banco, IBTimes’ Middle East correspondent who was laid off on Thursday, said the layoff was “a complete shock and devastating to me, financially and emotionally.”

“I had a feeling when Peter [Goodman] left we were all goners,” Banco said. “But I felt more optimistic when Dayan came on. I was told I was valued and I would be given a new role at IBT.”

Another source inside the company was less than shocked. “They’ve been attaching videos [of advertising content] to every story for about two months, and it felt really desperate.”

Still, Uzac maintains that IBT Media has a future.
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“This restructuring will allow us to continue to support the growth of IBT Media and Newsweek,” Uzac said in […]

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