Maven Announces Broad Cost-Containment Initiative Including 9% Staff Layoff

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.

About Maven

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200330005734/en/

Greg Witter
[email protected]

Source: Maven Media Brands

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