IBTimes and Newsweek, which are owned by parent company IBT Media, are laying off people today. It’s the second such major wave of job cuts at the place in recent months.
IBTimes just laid off a bunch of people and cuts are coming to Newsweek
It’s possible that IBT Media is looking to sell Newsweek.
IBT / Twitter
One employee let go today told Recode that although employees didn’t yet know the scope of the cuts, it was “big”; another estimated it was “between 30 and 40, easy.”
At Newsweek, employees don’t know who will be laid off yet, but that they are told it will be between 5 and 10 people who will be named tomorrow. (Update, 7/1/16: Layoffs are underway at Newsweek.)
Around an hour after the news broke of the layoffs on Thursday afternoon, IBT Media said in a press release that it was restructuring, and siloing Newsweek from the other IBT Media sites. This is a move that could make it easier for the company to sell Newsweek.
A source at the company says it looks like “more than half” the journalists were laid offat IBTimes. One former employee told Recode that it’s basically “all but SEO traffic teams,” as the “business collapsed.”
Politico reports that IBTimes journalists “who do not find new jobs within two weeks will be eligible for small severance packages — one week of pay for every year with the company,” a detail that a laid-off employee confirmed to Recode.
A bunch of the employees whose jobs were eliminated took to Twitter to share the news:
A spokesperson for IBTimes/IBT Media did not immediately respond to a request for comment.
This story is developing.
This article originally appeared on Recode.net.
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