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

By June 30, 2016Bitcoin Business
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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 the statement. “Our overall plan, which includes some staff downsizing, is part of an overall plan to drive efficiencies throughout the company.”

In May, Uzac and IBT Media co-founder Jonathan Davis sent a memo to the staff following the layoffs. “We have been strategically restructuring the company in order to adapt to the changes in the market and to insure IBT Media has a strong path to continued growth,” it read, adding that “these changes are concluded as of today.”

IBT Media had flown under the radar for several years until its surprise 2014 announcement that it would be acquiring Newsweek. In response, both The Guardian and Mother Jones looked into IBT Media’s business operations and found ties between its co-founders and a mysterious religious organization headed up by David Jang, a controversial Korean pastor and founder of the evangelical Olivet University. The Guardian report also uncovered social media posts made by Davis that indicated he supported gay “conversion therapy.” Newsweek’s first issue under the ownership of IBT Media featured a controversial cover story claiming to have uncovered the identity of Bitcoin creator.

Talk to me on Twitter @EllenKilloran. Story tips enthusiastically welcomed!

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.
Continued from page 1
“This restructuring will allow us to continue to support the growth of IBT Media and Newsweek,” Uzac said in […]

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