Dotdash Meredith, one of the largest media publishers in the U.S., is laying off 7 percent of its staff, or 274 people, Axios reported today (Jan. 26). Employees across all departments will be affected.
Many journalism companies have laid off workers in recent months as dwindling advertising revenue has taken a toll of profit margins. In the last week, the Washington Post, Vox Media and Adweek all laid off staff. Last February, Dotdash Meredith laid off 200 workers.
IAC, an internet services company, acquired Meredith, a magazine publisher, in October 2021 and merged it with Dotdash, its digital publishing unit. The deal intended to modernize Meredith, founded in 1902 and based in Des Moines, Iowa, and introduce new revenue opportunities. Since the acquisition, IAC’s stock price has fallen 60 percent.
The company owns magazines including People, Travel + Leisure and Better Homes & Gardens, as well as websites like Investopedia.
