Many media companies have resorted to layoffs in recent months as advertisers have reduced spending in anticipation of a recession.
Founded in 2020 by Robert Allbritton, who is former owner of Politico, Protocol struggled to gain traction after it launched during the Covid-19 pandemic.
Employees found out during a meeting today. Protocol will stop publishing on its website Nov. 17, while Source Code, its daily newsletter, will continue publishing for a few weeks, CNN reported. Employees will remain active until Dec. 16 and will then be offered eight weeks of severance, according to CNN.