The online sports news site The Athletic was a soft landing place for many sportswriters who found themselves out of jobs at traditional media outlets such as newspapers and magazines. The site was backed with $140 million in VC money and promised to fundamentally change sports news with its online subscription model.
Unfortunately, the economy and COVID-19 were too much, and The Athletic today announced that it would lay off 8% of its staff – 46 people – and cut salaries for those remaining by at least 10%. The company cited slowing growth in its number of subscriptions and significantly decreased podcasting revenue as reasons for the layoffs.
Making matters worse, SB Nation, the sports media network owned by Vox, today announced it is laying off more than 100 employees it originally furloughed in May.