Six print magazines—Entertainment Weekly, InStyle, EatingWell, Health, Parents, and People en Español—are to become digital-only as they “no longer serve [publishing company Dotdash Meredith’s] core purpose.” The news comes less than three months after Barry Diller’s Dotdash snapped up legacy publishing house Meredith Corporation for a reported $2.7 billion. Staff were delivered the news today, with some 200 people expected to lose their jobs.
According to the New York Times, the job losses account for 5% of the company’s current work force. In the memo circulated by CEO Neil Vogel (obtained by the NYT), the executive wrote: “We have said from the beginning, buying Meredith was about buying brands, not magazines or websites. It is not news to anyone that there has been a pronounced shift in readership and advertising from print to digital, and as a result, for a few important brands, print is no longer serving the brand’s core purpose.”
Vogel reportedly added that the move is not a cost-saving tactic. “Today’s step is not a cost savings exercise and it is not about capturing synergies or any other acquisition jargon, it is about embracing the inevitable digital future for the affected brands,” he said. In his email, he outlined that Dotdash Meredith will invest $80 million in improving content this year.
View this post on Instagram
The news means that the mags, including InStyle, will cease print immediately. Current editor in chief Laura Brown has not yet made a statement on the matter. According to the Des Moines Register, almost all of the job losses will affect the New York City headquarters. Spokesperson Erica Jensen told the outlet in an email that most job cuts occurred in the company’s New York office. She said Dotdash Meredith laid the cuts would equate to about 26 local jobs in Iowa. “These employees have helped create some of the best media brands in the world,” Jensen said. “We thank them for their years of dedication and are committed to helping them make a smooth transition.”
Subscribe to our newsletter and follow us on Facebook and Instagram to stay up to date on all the latest fashion news and juicy industry gossip.
