(THE HILL) The Atlantic will lay off almost 20 percent of its staff as a result of the economic downturn caused by the coronavirus pandemic, the top executive announced Thursday.
David Bradley, chairman and owner of Atlantic Media, sent a memo to staff saying that 68 staffers from the events, sales and editorial departments will be let go before 11 a.m. Thursday. The remaining workers will endure a general pay freeze for the rest of 2020, and top executives will also experience a pay cut, he said.
“I want to tell our departing colleagues how deeply sorry I am,” Bradley wrote in the memo. “If we saw any prospect that your jobs would return in a reset Atlantic, we would have found another way forward.”