IBTimes and Newsweek, which are owned by parent company IBT Media, are laying off people today. It’s the second such major wave of job cuts at the place in recent months.
One employee let go today told Recode that although employees didn’t yet know the scope of the cuts, it was “big”; another estimated it was “between 30 and 40, easy.”
At Newsweek, employees don’t know who will be laid off yet, but that they are told it will be between 5 and 10 people who will be named tomorrow. (Update, 7/1/16: Layoffs are underway at Newsweek.)
Laid off. If you know of anyone hiring/looking for freelance pitches, let me know.— Winston Ross (@winston_ross) July 1, 2016
Around an hour after the news broke of the layoffs on Thursday afternoon, IBT Media said in a press release that it was restructuring, and siloing Newsweek from the other IBT Media sites. This is a move that could make it easier for the company to sell Newsweek.
A source at the company says it looks like “more than half” the journalists were laid offat IBTimes. One former employee told Recode that it’s basically “all but SEO traffic teams,” as the “business collapsed.”
Politico reports that IBTimes journalists “who do not find new jobs within two weeks will be eligible for small severance packages — one week of pay for every year with the company,” a detail that a laid-off employee confirmed to Recode.
A bunch of the employees whose jobs were eliminated took to Twitter to share the news:
I owe @IBTimes a lot for the passion it renewed in my career and life in general. But now it's goodbye. Tech reporter here for hire— Kerry Flynn (@kerrymflynn) June 30, 2016
I've been laid off from @ibtimes. It was nice while it lasted. If anyone wants my resume or knows a good place to send it, please DM me.— Ned Resnikoff (@resnikoff) June 30, 2016
Personal news! I'm out at @ibtimes. Grateful for the time I had here and proud of the work we did. Stay in touch! firstname.lastname@example.org— Michael Learmonth (@learmonth) June 30, 2016
So I got laid off at @IBTimes today. It was a great 10 months & I learned so much & truly feel I’ve become better reporter & coder.— Carla Astudillo (@carla_astudi) June 30, 2016
A spokesperson for IBTimes/IBT Media did not immediately respond to a request for comment.
This story is developing.
This article originally appeared on Recode.net.