Letter to employees outlines response to economic downturn triggered by pandemic
SEATTLE--(BUSINESS WIRE)--Maven Media Brands today announced a wide-ranging cost-containment plan to get ahead of the economic tumult triggered by the novel coronavirus pandemic and ensure the ongoing strength of the company.
The initiative includes a staff reduction of 31 people (9 percent of the 332-person workforce); a 30 percent cut in senior management compensation; and accelerated efficiencies in non-payroll expenses. In addition, the company has secured a $12 million line of credit from B. Riley Financial.
CEO James Heckman elaborated on Maven’s plans in a comprehensive letter to employees, which you may read here.
Maven (maven.io) is a coalition of Mavens, from individual thought leaders to world-leading independent publishers, operating on a shared digital publishing, monetization and distribution platform, unified under a single media brand. Sports Illustrated is operated by Maven as part of its coalition. Based in Seattle, Maven is publicly traded under the ticker symbol MVEN.