The business news website and newsletter Morning Brew is laying off 40 employees, according to an internal note to staff.
“As you know, since November, we’ve been undergoing a cost-cutting initiative to ensure our business is properly organized for our next stage of growth in this volatile advertising market,” CEO Austin Rief wrote in the note, obtained by Axios.
This is the second round of layoffs for the news site that markets to a millennial audience. Last November it cut 14% of its staffers.
“While we’ve made progress over the last few months, and I’m confident we are on the right path, today I am sharing sad news. As a part of a business reorganization, we will be saying goodbye to 40 of our Morning Brew team members,” the note continued.
Departing employees will receive 10 weeks of severance as well as support benefits.
Reif also said that Morning Brew is working with its parent company Axel Springer to refer those cut to other companies in the portfolio like Insider and Politico in the United States.
Morning Brew is the latest media company to lay off staffers in a series of cutbacks in 2023 by SiriusXM, NPR, CNET, Yahoo and more, brought about by a slowdown in the advertising market.