According to Folio.com, Vibe Media announced a sweeping series of changes it says will position the company for survival and, allow the brand to salvage its print magazine without layoffs.
Among the changes: Beginning March 1, staffers will be asked to work four days per week, and have their salaries slashed 10 to 15 percent, according to a Vibe spokesperson.
“While numerous other media companies (Time Inc, Condé Nast, Meredith and Hearst) have closed titles completely and laid off staff to cut costs,” the company said. “VMG has taken a smarter and more thoughtful approach to workforce adjustments.”
Vibe will cut its guaranteed rate base 25 percent in July to 600,000 copies (down from 800,000). The monthly magazine is also trimming its frequency to 10 times per year.
The company also plans to launch a-yet-to-be-named “urban celebrity” tabloid in December. That magazine will be published twice-yearly.