In a memo obtained by Axios, The Athletic announced multiple cost-cutting moves. The site’s staff was reduced by 8%. Employees making more than $150,000 “will take a progressively higher cut” in pay.
Several writers have taken to Twitter to announce they were among those let go by The Athletic.
The Athletic is trying to soften the blow for those being let go. They will all receive four weeks of salary, a full pay out of unused PTO, and health premiums through the end of 2020. Axios reports that “They will also receive full acceleration of all unvested options and an extended exercise window for one year. Employees can keep all company equipment including laptops.”
Founder and CEO Alex Mather says The Athletic is preparing for the “strangest six months in sports history,” and notes that the site still has some major product plans.
