Several publishers, including BuzzFeed, Group Nine Media and Vice, recently announced pay cuts and benefit reductions to their staffs. Time CEO Edward Felsenthal, on the other hand, not only pledged to his staff of 275 that the company wouldn’t have any layoffs for 90 days—and the company would continue growing through new hires and investing in its consumer products and long-form video division.
“We’re fortunate,” Felsenthal said of the company’s owners Salesforce CEO Marc Benioff and Lynne Benioff, who also pledged to not have significant layoffs at Salesforce for 90 days. Being owned by billionaires without a doubt enables Time to continue expansion and thinking about the long term goals during an economic downturn, which is a resource that most publishers do not have have right now.
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