Insider will lay off 10 percent of its team, according to a memo sent out by the company’s president on Thursday.
“The economic headwinds that have hurt many of our clients and partners are also affecting us,” wrote Barbara Peng, the president of Insider, Inc. “Unfortunately, to keep our company healthy and competitive, we need to reduce the size of our team. ”
Peng said those affected by the layoffs would receive an email on Thursday morning. Each person laid off will receive 13 weeks of base pay plus two weeks for every year they’ve been employed by Insider over four years.
“This is a difficult time for all of us,” Peng wrote. “As we go through this transition, things may feel a bit bumpy. We will get through it together, just as we always have.”
Peng said she would work with the union to “provide clarity on our proposed changes.” The union did not respond immediately to a request for comment.
The company’s layoffs reflect how media organizations have tried to adjust to a dwindling advertising market, rising inflation, and fears of a recession. CNN, The Washington Post, NPR, and Vox Media have all announced various forms of layoffs within the last six months.
Insider spokesperson Mario Ruiz reiterated the need to adjust to economic uncertainty in a statement, but he would not state who among Insider personnel would be affected by the layoffs or the methodology used to determine who would be let go.
“Unfortunately, Insider is seeing some of the same economic headwinds as others in our industry. To keep our company healthy and competitive, we are reducing the size of our team,” spokesperson Mario Ruiz wrote. “We expect this will impact about 10% of our workforce. We regret that we have to do this and are sorry about the impact it will have on many of our teammates.”
Insider Intelligence, the research arm within the overall Insider Group, would not be affected, Ruiz said.
This is a breaking story and will be updated.