In the latest wave of layoffs to hit the digital media biz, Business Insider said it will cut 8% of its staff in a restructuring aimed at positioning the company for growth. Business Insider CEO Barbara Peng announced the job cuts in a memo to staffers Thursday. “We have already begun to refocus teams and invest in areas that drive outsize value for our core audience. Unfortunately, this also means we need to scale back in some areas of our organization,” she wrote. The cuts come after Business Insider in April 2023 told employees that it was laying off about 10% of staff. Founded in 2007 as Business Insider by former Wall Street analyst CEO Henry Blodget, the company was acquired in 2015 by Axel Springer, one of Europe’s largest digital publishing and media conglomerates, for $343 million.
