Nancy Dubuc, chief government officer of Vice Media
Christopher Goodney | Bloomberg | Getty Pictures
Vice Media is shedding round 155 workers globally because the coronavirus pandemic continues to pressure the media trade, in response to a number of reports.
However in an uncommon transfer, CEO Nancy Dubuc is putting the blame not solely on coronavirus, however on Massive Tech firms taking the lion’s share of digital promoting development.
In a memo saying the layoffs, which was obtained by the Hollywood Reporter, Dubuc wrote that “Massive Tech” poses a “nice risk to journalism.”
“We grew our digital enterprise quicker than anybody at a time after we believed that as extra pies have been baked, we would preserve getting a slice,” she wrote.
“However we aren’t seeing the return from the platforms benefiting and earning money from our exhausting work. Now, after a few years of this, the squeeze is turning into a chokehold. Platforms are usually not simply taking a bigger slice of the pie, however nearly the entire pie… 36,000+ misplaced jobs in journalism is sufficient to take your breath away,” she added.
Dubuc echoes complaints from different publishers, notably News Corp, which has publicly blamed Google and Facebook for hurting the newspaper trade by publishing (or permitting customers to share) excerpts from information tales with out sharing a good portion of advert revenues. The 2 firms account for about 60% of all digital promoting spend, in response to estimates from eMarketer.
Dubuc’s memo mentioned that 55 workers in the USA will probably be minimize Friday, and roughly 100 folks will probably be laid off globally within the coming weeks. The corporate will probably be offering severance pay and outplacement support as they seek for new jobs, and can obtain prolonged well being advantages protection via 2020, she added.
Disclosure: CNBC dad or mum firm NBCUniversal is an investor in Buzzfeed and Vox.
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