The Daily Beast’s new leaders will do a round of voluntary buyouts intended to cut costs by $1.5 million, in one of their first major moves to try to revitalize the flagging digital tabloid.
The new leaders, Joanna Coles and Ben Sherwood, both media veterans, joined the company in April in exchange for an equity stake in the business.
Barry Diller’s company, IAC, maintains control of the publication.
The Daily Beast’s union told its members in a memo this week that workers would have until June 14 to apply for a buyout, after which the publication would accept applications “in reverse seniority order until they meet their $1.5 million threshold.”Decisions on additional applications beyond that threshold would be up to the company, and there would be “a moratorium” on further layoffs until the end of the year, according to the union’s memo.
The cuts are not targeting any particular coverage area.
Persons:
Joanna Coles, Ben Sherwood, Barry Diller’s
Organizations:
IAC, Daily