Politico is planning to launch a paid subscription product aimed at finance and investment professionals, an implicit acknowledgement of the increasingly competitive media landscape for publications catering to elite decision-makers.
On Tuesday, Politico also informed staff that the publication would cut about 3% of its 750-person global staff, a reduction that included well-known bylines like Michael Schaffer and several former top editors.
While a blow to a publication that has often prided itself on financial stability, the company’s restructuring was not unexpected to close observers: Late last year, the politics and policy publication quietly offered buyouts to its video staff.
Separately, the news outlet announced it is looking at a suite of new products, including tailored subscriptions for financial services companies — a sign the publication is looking to compete with other outlets like Bloomberg and Punchbowl News.