Media: CoinDesk will lay off 45% of editorial staff
Date: 2023-08-15 Author: Karina Ziganova Categories: BUSINESS, IN WORLD
Cryptomedia Coindesk will lay off 45% of the editorial staff as its parent company Digital Currency Group (DCG) plans to attract strategic investors, reports The Block, citing a memo.
According to the publication, the report says that they plan to hold a general meeting on August 14 at 4:00 pm EST, at which they will discuss issues related to the reduction.
“The purpose of the meeting is to inform everyone that the media team has been laid off today. It is extremely difficult to convey this important information to all employees by e-mail. However, I also feel it is important that all colleagues at CoinDesk are aware of what is happening as quickly as possible,” CEO Kevin Worth said in a statement.
He added that this step is necessary to ensure the financial sustainability of the business in the future.
According to a source familiar with the situation, the crypto magazine is laying off 20 people, which is 45% of the editorial staff.
A group of investors led by Tally Capital's Matthew Rozzack and Capital6's Peter Vessenes are closing in on a deal to buy Coindesk media for $125 million.
