21stcenturyfox

National Geographic Lays Off 9% of Staff to Begin Its New Life Under Fox

National Geographic is laying off 9% of its 2,000 employees as it prepares to finalize its "expanded partnership" with 21st Century Fox, a $725 million deal that turns the iconic yellow-bordered magazine into a for-profit publication. The roughly 180 layoffs reportedly represent the largest reduction in the 127-year history of the Society.

National Geographic Magazine Now For-Profit Thanks to $725M Deal with Fox

Since 1888, National Geographic magazine has been the official journal of the non-profit National Geographic Society headquartered in Washington, D.C. Starting today, however, the magazine won't be non-profit like the society is.

The National Geographic Society just announced that it has signed a major agreement with 21st Century Fox. In exchange for $725 million, Fox will own 73% of National Geographic's media properties. That means the iconic yellow-bordered magazine is now very much for-profit.