Ascential-owned strategic advisory firm MediaLink went through a round of furloughs and layoffs last week, as well as other measures such as voluntary executive salary reductions.
“In reaction to both the public health and economic factors resulting from the Covid-19 pandemic and in line with measures taken by our parent company Ascential plc, MediaLink, like much of our industry, has made the incredibly hard decision to streamline certain areas of our business,” MediaLink said in a statement. “This includes a combination of staffing reductions, furloughs in business functions that have been temporarily but directly impacted and voluntary pay cuts by executive leadership.
“We are deeply committed to balancing the well-being of both our people and our clients during this challenging time,” the statement continued. “Most importantly, we remain grateful for the hard work and dedication of the talent and our continuing partnerships with our clients as we navigate through this challenging time.”
The furloughs primarily impacted MediaLink’s events and executive search departments, a source with direct knowledge of its operations confirmed, adding that MediaLink made the move with the intention of bringing the employees back once demand for these services returned.
The measures follow the cancellation of the Cannes Lions for 2020 last month. MediaLink first entered into a partnership with Cannes Lions in 2018. Parent company Ascential acquired MediaLink in early 2017.