Layoffs hit Recurrent Ventures as the company shifts resources toward video and ‘new formats.’ Read a leaked memo outlining its future plans.

In a late October memo around the leadership change sent to staff and viewed by Insider, Perlman said that video would be one of his focuses going forward as the company looked to get rid of “unnecessary complexities” and “drive efficiency.”

Among Recurrent’s brands, Popular Science, a legacy science and technology magazine, was heavily impacted by Monday’s cuts. The layoffs were first reported by Axios.

Around 13 full-time staffers at Popular Science were let go, accounting for more than half of the magazine’s staff, a source familiar with the matter told Insider. The layoffs arrive as the publication plans to pivot its resources away from long-form magazine content towards shorter, daily news and new formats like video, they said.

“As consumer trends shift it’s important we prioritize investment in new formats,” the Recurrent spokesperson told Insider. “We believe that the content strategy has to evolve beyond the digital magazine product. A combination of its news team, along with commerce, video, and other initiatives, will produce content that naturally aligns with PopSci’s mission.”

Monday’s cuts also impacted other brands in Recurrent’s portfolio, including The Drive and Domino, as well as support teams within the broader organization, the source familiar said.

“Like most media companies, Recurrent is adapting to the evolving landscape of its audience,” the spokesperson said. “Whether it’s due to shifting patterns in social referrals or advertising budgets, it’s clear that change is a consistent theme.”

The spokesperson added: “Unfortunately, this resulted in a reduction of headcount within several brands and operational teams. While these decisions are challenging, they are necessary to ensure we remain profitable and are in a position to make investments essential to our growth.”

The company had earlier made staffing cuts in September 2022 on its operations, revenue, and editorial teams, a few months after shelving men’s web publication MEL magazine. Meanwhile, other media organizations like Vice, Conde Nast, and G/O Media have also made cuts to staff in recent months.

Read the full memo that Perlman sent to staff in late October, ahead of the layoffs, where he described his plans for the company as its new CEO:

Hi All,

I’m writing today with an important organizational update. Please take the time to read the following announcement closely, and reach out to your GM or Shared Service team lead if you need further clarity.

Earlier this week, the Board and Alex Vargas came to a mutual agreement to part ways. Alex has made significant contributions to this company since joining as COO in early 2022 and later stepping in as CEO last fall. We are incredibly grateful for the progress he enabled in improving the organizational structure, up-leveling our direct sales initiatives, expanding Recurrent’s efforts in evergreen content, and addressing our tech challenges with a comprehensive roadmap. He will assist in the transition process while I assume the role of CEO, which is effective immediately.

As Recurrent enters its third year, we find ourselves at a pivotal moment in the company’s journey. Having been part of this organization since its inception and serving on the Board since day one, I am acutely aware of the significant changes we have undergone in recent years. From our founding, I have taken on various roles, from CEO of The Drive (our first acquisition) to M&A and all Corporate Development, each with a distinct focus on areas crucial for our growth. The necessary foundation for success exists here at Recurrent and starts with our great brands.

The original vision was one of powerful brands that had yet to reach their potential, leveraging audiences to venture into new revenue and distribution channels alongside Commerce. I recognize that we have work to do to ensure our brands can thrive on all platforms. Moving forward, we are determined to strip away unnecessary complexities, drive efficiency, and return to our core principles to realize that vision. I’m looking to rectify that as quickly as possible, one example of where you’ll see my focus is expanding our video efforts across the portfolio.

I’m committed to the collective success of everyone involved: the individuals, the brands, and the company. I know there’s been a lot of change over the last few years, but I also know we can win in all of the areas Recurrent operates in. There is work to be done but there is a ton of momentum here that we can build on.

I’ll share more about our go-forward strategy in the next few weeks. I’ve spent much of this week meeting with GMs and Shared Service leads to ensure a smooth handoff and will soon start meeting with many of you individually.

My passion for these brands and our company has never wavered, and I am excited about the opportunity to work more closely with you all going forward.

Are you a Recurrent employee with insight to share? Got a tip? Contact Sydney Bradley at [email protected], encrypted messaging app Signal (+1 646-580-2044), or encrypted email ([email protected]). Contact Dan Whateley at [email protected] using a non-work device.