The Economist Group is slashing seven per cent of its global workforce and turning its culture and lifestyle magazine 1843 digital-only as it battles the impact of Covid-19 on trading.
Some 90 job roles will be lost out of a global workforce of 1,300. Editorial staff are unaffected, with cuts focusing on events, client solutions and marketing agency TVC –areas badly hit by the current pandemic.
The Economist’s sister magazine, the bi-monthly 1843 which launched in 2016 after a rebrand of Intelligent Life, will no longer appear in print, instead shifting to a digital-only format from the August/September issue.
The magazine, named after the year The Economist was founded, is currently sold on select newsstands for £6.95 or sent to subscribers, who pay from £24 per year.
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Press Gazette understands this shift to digital was already under discussion but has been brought forward due to the impact of Covid-19.
The magazine’s content will be available online to Economist digital subscribers, which the publisher believes will increase its reach significantly.
In other cost saving measures, Economist Group chief executive Lara Boro, editor-in-chief Zanny Minton Beddoes and the leadership team and board have taken a voluntary reduction in pay.
An Economist Group spokesperson said: “We have made the difficult decision to restructure and reduce roles in the parts of our business most affected by Covid-19.
“Each one of our departing colleagues has been instrumental in helping us build the business we have today and leaves with our heartfelt thanks and our promise to build on the legacy they leave behind.”
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