Layoffs Hit International Business Times
IBT Media cuts a yet-undetermined number of employees and announces that Peter Goodman is also leaving the company.
Updated 3/25/15 at 1:40 pm
IBT Media laid off an undetermined number of staffers from news site International Business Times today, a company spokesperson confirms to Folio:.
A staff memo from IBT co-founders Johnathan Davis, CCO, and Etienne Uzac, CEO, sent this evening and obtained by Folio: reads:
"Over the past few months 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. In these ever shifting and challenging times within our industry, we are responsible for sustaining and reinventing our company as best we can."
Additionally, Peter Goodman, global editor-in-chief of International Business Times, is leaving the company, although it is not clear that his departure is in any way related to the layoffs.
Citing "multiple sources," Re/code adds that the layoffs affected at least 15 employees, who were asked to pack their belongings and leave within ten minutes of being notified of their termination.
The cuts are confined to news site International Business Times and leave Newsweek largely unaffected. They come just weeks after reports of financial difficulties at the New York-based media outlet, including the withholding of paychecks to employees, which Uzac blamed on payment processing firm ADP.
“There has been no discussion of budget cuts or hiring freezes. I very forthrightly pressed Etienne on this question," Goodman told Politico in February. "He assured me that we’re not there and that we’ve got sufficient funds and that this is poor management by finance and we’re bringing in a chief operating officer to address these problems."
In December, IBT Media debuted revamped websites for both International Business Times and Newsweek, which it purchased in 2013. The relaunches were aimed at improving mobile optimization and adding more video and integrated advertising.
Read the full text of the memo below:
Over the past few months 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. In these ever shifting and challenging times within our industry, we are responsible for sustaining and reinventing our company as best we can.
These changes are concluded as of today. We are thankful for and deeply appreciative of the contributions made by the people who are leaving.
In addition, Peter Goodman informed us that he will be leaving the International Business Times. We thank Peter for his time here, which is capped off by four 2016 SABEW awards for outstanding business journalism.
Peter will continue to guide the newsroom as the transition comes to an end.
If there are any questions please feel free to reach out to us.
Johnathan and Etienne