The digital media company Business Insider laid off 21% of its staff on Thursday, according to an internal memo from chief executive Barbara Peng obtained by ADWEEK.
The cuts will affect every department, although the publisher declined to share how many employees were affected.
“Since returning to our roots as Business Insider, we’ve been building toward something new,” Peng wrote. “This kind of transformation takes time—and it requires tough decisions along the way.”
In the note, Peng cited declines in traffic as one of the primary reasons for the reduction in headcount. Around 70% of Business Insider’s business relied on online traffic, and the restructure is meant to better position the publisher to thrive in an environment with fewer readers.