The Athletic is laying off 46 employees, which amounts to eight percent of its staff and implementing pay cuts company-wide, Axios was the first report. In a memo to staff, CEO Alex Mather said that the unfortunate reductions were a last resort after seeking to cut spending in other areas. Back in March, The Big Lead reported that the company had frozen all freelance contributions. Most remaining employees will take a 10 percent pay cut while some top earners will see their salary reduced by 20 percent.
Affected staffers have begun to announce their departure on Twitter. Here is a running list:
The Athletic has become a canary in an increasingly dark coal mine of sports media. With strong VC money and an All-Star cast of writers and editors, it relies on a subscription model that many journalists view as a potential life preserver in the future. It's self-professed lofty goals have been sidetracked by the COVID-19 pandemic.
We'll update below as more of the layoffs are announced: