Business news newsletter company Morning Brew has laid off 40 employees, reports Sara Fischer of Axios.
Fischer writes, “It’s the second round of layoffs for the digital news outlet that targets millennials since last November, when it shed 14% of staff.
“Details: ‘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.
- ‘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 staffers will get 10 weeks of severance, in addition to support benefits.
- Rief said Morning Brew is working with its parent company, Axel Springer, to refer Morning Brew employees to other portfolio companies with open roles. (Axel Springer also owns Insider and Politico in the U.S.)”
Read more here.