Sunday, March 3rd, 2024

Layoffs: Some media company is shutting down, some have fired thousands of employees, big upheaval in these three companies


Photo: File Layoffs

Layoffs News: Vice Media is ceasing its Vice News Tonight broadcast as well as laying off more than 100 employees as part of a restructuring of its global organizations. This information has been given in a report. The beleaguered media company has been looking to sell itself for months, according to The Wall Street Journal. The social audio platform Clubhouse, which became famous during the Corona epidemic, has announced the layoff of more than half of its employees. Clubhouse, founded by Paul Davison and Rohan Seth, reported it was downsizing by more than 50 percent. And ride-hailing platform Lyft has announced it will lay off 26 percent of its workforce, or about 1,072, as part of a restructuring plan. The company has also put hiring plans on hold and is considering eliminating 250 open job positions.

This step has been taken to strengthen the company

Lyft announced a restructuring plan as part of its efforts to reduce operating costs, a US Securities and Exchange Commission (SEC) filing said on Thursday. The plan includes laying off approximately 1,072 employees, representing 26 percent of the company’s workforce. The company estimates that the move will cost approximately $41 million to $47 million related to severance and employee benefits in the second quarter of 2023, all of which will be future cash expenditures. In the same quarter, Lyft said, the company also expects additional costs related to stock-based compensation and payroll tax expense related to employees who will be affected by this restructuring. Last week, Lyft announced a significant reduction in team size as part of a restructuring to focus on better serving the needs of riders and drivers.

condition of clubhouse

The founders said that we are deeply sorry for doing this and we would not have made this change if things had been right. Those affected will receive severance and continued health care coverage for the next few months. Davison and Seth said that we will pay salaries for the rest of April, as well as provide an additional 4 months of severance to all employees leaving. This means that all those affected will get their full salary till August 31, 2023.

The bad condition of Vice Media

In a note to employees seen by the WSJ, co-CEOs Bruce Dixon and Hodgefa Lokhandwala said that we are adapting Vice News to market realities and how and where viewers view our own content. World News is creating digital and TV news content for international audiences.Vice said that Vice News will be its sole news brand worldwide, effectively ending the Vice World News brand.Vice Media earlier this year Received $30 million in debt financing from Fortress Investment Group. Vice was valued at approximately $6 billion. Reports released last month said Black Group had made a bid to buy Vice for approximately $400 million.Previous Last week the popular news outlet Insider announced plans to lay off 10 percent of its staff.

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