Vox Media informed employees Friday of the cost-cutting measures the company will be undertaking in response to the coronavirus crisis, including furloughs and pay cuts.
From May 1 to July 31, 9% of Vox Media’s staff will be furloughed, according to an internal memo reviewed by TheWrap. The teams affected by the furloughs include sales, sales support, production, events, SB Nation’s and Curbed’s editorial divisions and support functions like IT and Office Operations.
Employees making over $130,000 will see tiered salary reductions. Wage increases through the end of 2020 are also being frozen, as are 401k contribution matches.
“Today we are taking some of the most difficult and important cost reduction actions in our company’s history.