US media companies hit with waves of layoffs as viewership tanks but blame rise of “disinformation”

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A wave of layoffs have hit the beleaguered American media industry as several major companies, including CNN, BuzzFeed and Gannett, have laid off hundreds of workers in recent weeks citing economic volatility and uncertainty.

The job losses are the first major slate of cuts since the beginning of the pandemic, when a handful of companies laid off workers over the unpredictability of Covid’s impact on the economy. As the economy rebounded with the introduction of the Covid vaccine in 2021, the news industry saw the lowest number of layoffs in years.

But this year, after inflation rose to historic highs and the Federal Reserve hawkishly raised interest rates to temper it, many media companies have started conducting layoffs, triggering fresh worries over the health of the US media at a time of democratic crisis and the rise of disinformation.

In recent weeks, multiple media execs have pointed to uncertainty in the economy as the impetus for restructuring.

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