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HomeMarketIAC Cuts Staff at DotDash Meredith Unit by 7% on Weaker Advertising...

IAC Cuts Staff at DotDash Meredith Unit by 7% on Weaker Advertising Market

The downturn in advertising is affecting internet media companies like IAC.

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The internet media and publishing company
is cutting staff at its Dotdash Meredith publishing unit by 7%, affecting 274 people, the company said in a memo to the company late last week.

Dotdash has both print publications, including People, Food & Wine and Travel & Leisure, and online brands, like Investopedia, The Spruce, and AllRecipes. The IAC (ticker: IAC) unit acquired the magazine publisher Meredith for $2.7 billion in cash in 2021.

The IAC unit has been hit hard by the downturn in the advertising market. Overall revenue for Dotdash Meredith fell 28% in December, including an 18% drop in digital revenue, and a 39% decline in print revenue.

“As we have said, we are not immune to the broader challenges of the ad industry and of the economy as a whole, and today’s actions are a direct response to these realities,” Dotdash Meredith CEO Neil Vogel said in an internal memo to staff, which was reviewed by Barron’s.

“Like many businesses in our space, we have grown aggressively over the last few years, while also integrating our two companies,” Vogel added. “With the difficult market environment and economic uncertainty that lie ahead, we must prioritize our biggest opportunities and make sure we have the proper cost structure in place to pursue them.”

IAC stock was up 1.2% to $55.47 in Tuesday morning trading.

Write to Eric J. Savitz at


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