Awave of layoffs have hit the beleaguered American media industry as several major companies, including CNN, BuzzFeed and Gannett, have laid off hundreds of workers in recent weeks citing economic volatility and uncertainty. The job losses are the first major slate of cuts since the beginning of the pandemic, when a handful of companies laid off workers over the unpredictability of Covid’s impact on the economy. As the economy rebounded with the introduction of the Covid vaccine in 2021, the news industry saw the lowest number of layoffs in years.
But this year, after inflation rose to historic highs and the Federal Reserve hawkishly raised interest rates to temper it, many media companies have started conducting layoffs, triggering fresh worries over the health of the US media at a time of democratic crisis and the rise of disinformation. In recent weeks, multiple media execs have pointed to uncertainty in the economy as the impetus for restructuring.
CNN’s chief executive, Chris Licht, in October hinted that layoffs were to come, saying that there were “widespread concerns over the global economic outlook” affecting long-term planning. CNN on 30 November started laying off hundreds of workers in several areas of the company. Though it is unclear exactly how many employees have been laid off, some high-profile staffers such as the political reporter Chris Cillizza and on-air host Robin Meade were cut. Part-time analysts like journalists Susan Glasser and Jonathan Martin, who offer commentary on the network’s shows, were also removed from the roster, with CNN saying that it is “shifting our approach to paid contributors”.
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