The New York Times global head of advertising wrote in a memo that there will likely be layoffs in the ad department.Advertising fell 15% in the first quarter due to the coronavirus slowdown, and CEO Mark Thompson has predicted that it would drop by more than 50% in the second quarter.According to the memo, The New York Times expects to lean more heavily on ad revenue from companies in the tech and telecom sectors like Google and Verizon.Click here for more BI Prime stories.
Layoffs are “likely” in the New York Times ad department due to ad revenue declines, according to a May 6 memo from global head of advertising Sebastian Tomich that was obtained by Business Insider.A New York Times spokesman said the company does not comment on internal communications. Tomich did not immediately respond to a request for comment.The Times predicted that ad revenue would drop by more than 50% in the second quarterCEO Mark Thompson said during a May 6 earnings call that subscriptions, which make up the bulk of Times revenue, had surged during the coronavirus pandemic but that ad revenue declined by 15% in the first quarter. He predicted a drop of up to 55% during the second quarter.Thompson said there would be cost reductions including “
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