Vox Media Announces Second Round of Layoffs, Leadership Restructuring
Vox Media, the digital media company, has implemented a second round of layoffs at its general news site, Vox.com, within a month. While the exact number of affected employees was not disclosed, the company confirmed that multiple teams were impacted. The Writers Guild of America East reported that 12 of its members were among those laid off.
These cuts come as Vox Media grapples with industry-wide challenges, particularly as digital advertisers increasingly favor Big Tech platforms over traditional news sites. In response to these pressures, the company has announced significant leadership changes aimed at diversifying its business model.
Pam Wasserstein has been appointed copresident and vice chair, becoming CEO Jim Bankoff’s strategic partner. She will continue to oversee New York, Vox, and Vox Media Studios. Additionally, Ryan Pauley, previously head of revenue, has been named copresident, taking on additional responsibilities for lifestyle brands and the podcast business while maintaining his existing roles.
CEO Jim Bankoff emphasized that these executive changes are designed to “enhance focus, decision-making speed, and executive capacity for strategic challenges.”
This restructuring follows December’s layoffs at lifestyle titles such as Thrillist, PS, and Eater, with Thrillist operations being integrated into Eater. Bankoff has highlighted a strategic focus on areas with growth potential, including direct audience engagement and the Vox Media Podcast Network. As part of these adjustments, The Verge, Vox Media’s tech-focused property, was recently placed behind a paywall.
Vox Media, which emerged during the digital media boom and secured over $400 million from investors like NBCUniversal and General Atlantic, has faced a changing landscape. Its most recent funding round in 2023 raised $100 million from Penske Media, making Penske the largest shareholder with a 20% stake.
As investor interest in digital media has waned, Vox Media has made strategic moves, including acquiring and later spinning off properties like New York Magazine, Group Nine Media, and NowThis. Vox.com, the site affected by the recent layoffs, specializes in news and political coverage.
These developments underscore the ongoing challenges faced by Vox Media and its digital-media peers as they navigate a shifting advertising landscape dominated by major tech platforms.
