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He said in the memo that the cuts affect "under 2% of the company." Earlier this year, Vox Media acquired Group Nine, adding hundreds of employees to the company. "Our aim is to get ahead of greater uncertainty by making difficult but important decisions to pare back on initiatives that are lower priority or have lower staffing needs in the current climate."
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"The current economic conditions are impacting companies like ours in multiple ways, with supply chain issues reducing marketing and advertising budgets across industries and economic pressures changing the ways that consumers spend," Bankoff wrote in the memo obtained by CNBC. In a memo to staff, Vox Media CEO Jim Bankoff directly cited deteriorating economic conditions for the decision. A spokesperson for Vox Media declined to comment. The company's brands also include Eater, Curbed and Now This. New York Magazine and The Verge, brands owned by Vox Media, and the company's namesake outlet Vox aren't affected by the layoffs, according to people familiar with the matter, who asked not to be named because the decisions are private. The job cuts affect employees in sales, recruiting and certain editorial teams. The privately held digital media company is laying off 39 employees, according to a person familiar with the matter, as well as slowing down hiring and reducing non-essential expenses.
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