The Atlantic is laying off 20 percent of its staff, which amounts to 68 employees across the company, Ben Smith of the New York Times reports. In an internal memo to employees, Atlantic Media owner David Bradley writes that the decision was accelerated by the decline of in-person events and a decline in advertising. The remaining 80 percent of employees will be subject to a pay freeze through the rest of the year, and some executives are taking pay cuts.
The live events and video departments will be particularly hard-hit.
Devastating impacts like this have been felt in every corner of the journalism industry. It is difficult to find an outlet that hasn't been impacted by the global pandemic and aforementioned advertising revenue desert. The Atlantic, though, has been particularly robust in its coverage of COVID-19. Today's lead story about the potentially devastating disconnect between the CDC's testing and society's goal of safely reopening is a testament to the work they've been routinely putting out.
Times are tough. Even for billionaires. And, as always, the people lower down the food chain will bear the initial brunt.
Rinse and repeat.