National Geographic begins layoff ahead of sale to Fox
04 Nov 2015
The venerable National Geographic Society has said it will lay off about 9 per cent of its staff of 2,000 as a deal to sell the magazine and other media properties to 21st Century Fox nears completion.
Spokeswoman M J Jacobsen said in an email late Tuesday that all employees have been told what their employment status will be once the deal closes later this month.
Buyouts have been offered to some employees, Jacobsen said.
In September, the 127-year-old non-profit organisation struck a $725-million deal that gives 21st Century Fox a majority stake in National Geographic magazine, the National Geographic TV channel, and other media properties.
The agreement will give the company controlled by Rupert Murdoch's family a 73-per cent stake in the new National Geographic Partners venture.
Earlier Tuesday, Jim Romenesko shared a memo from chief executive Gary Knell to employees that says they should ''make every effort to be available tomorrow, November 3rd, either in your regular work location, and/or by phone.''
News Photographer Editor Donald R Winslow reported ''significant layoffs'' earlier Tuesday.
The changes come as NatGeo and 21st Century Fox complete what both parties insist on calling an expanded partnership, and not a purchase. Fox said in September it had no plans to interfere with NatGeo's editorial content.