HuffPost sheds staff and opinion section as Verizon Media reaps Oath shortcomings
HuffPost has shed staff as part of Verizon Media's 7% cutback (750 staff).
Verizon Media cuts 7% of staff
Verizon Media, recently rebranded from Oath, made the announcement one month after taking a $4.6bn write-down on the company, formed from a Yahoo and AOL merger after it failed to hit digital advertising projections.
In doing so, it more than halved the value of the company, which will have been of particular concern to its staff with its portfolio including Yahoo media titles, TechCrunch, Engadget and HuffPost.
Staff were informed of the move on Thursday 24 January. Verizon Media did not specify which titles would be hardest hit and it is currently unclear how many staff have been released at HuffPost.
The Drum has contacted the company for clarification.
HuffPost editor-in-chief Lydia Polgreen, said: “It’s a tough day for HuffPost, and we’re losing some talented and beloved colleagues.
“We are deeply committed to quality journalism that reflects what matters most to our diverse audiences across the globe. HuffPost is aligning its talents and investments to areas that have high audience engagement, differentiation and are poised for growth at a time when our mission means more than ever.”
Bryan Maygers, was one of those let go. He previously led the opinion section at the company but tweeted that the blogging platform had been closed in the US.
A Verizon Media spokeswoman said it is looking to “create the best experiences for our consumers and the best platforms for our customers… today marks a strategic step toward better execution of our plans for growth and innovation into the future.”
The company had previously shed 2,100 staff members in 2017, 39 of whom were at HuffPost. It comes during a period of pain for digital media natives. BuzzFeed cut 250 staff just earlier this week. USA Today owner Gannett and Mic.com have also recently shed staff.