Los Angeles Times, Sports Illustrated among media outlets announcing layoffs to start 2024

foxbusiness.com:

TJM Institutional Services director James Iuorio predicts a longer economic lag this year.

Several media outlets have announced layoffs in January 2024 as economic challenges take a toll on the industry.

Business Insider, the Los Angeles Times, TIME and Sports Illustrated are among the publications that have downsized their editorial operations as they restructure and reorient their business models to suit the changing media landscape.

The latest cuts come as the media industry struggled to restore advertising revenue to pre-pandemic levels and faces rising competition from social media platforms for readers’ attention. Here’s a look at the details of the layoffs at these four outlets:

LAYOFFS SURGED 98% IN 2023; IT COULD GET WORSE THIS YEAR

The Los Angeles Times is among the media outlets that has announced layoffs in January 2024. ((Photo by Mario Tama/Getty Images) / Getty Images)

Business Insider, owned by multinational media conglomerate Axel Springer SE, announced that it would lay off about 8% of its staff last week as it restructures its business.

«We closed out last year with a plan in place, a clear target audience, and a vision. This year is about making it happen and focusing our company and efforts towards this future,» Business Insider CEO Barbara Peng wrote in a message dated Jan. 25. «We have already begun to refocus teams and invest in areas that drive outsize value for our core audience. Unfortunately, this also means we need to scale back in some areas of our organization.»

«As part of this new direction, today we are announcing we are reducing the size of our team – a change that impacts about 8% of our people,» Peng wrote. «We’re committed to building an enduring and sustainable Business Insider