(CNN) National Public Radio will lay off 10% of its staff after forecasting a $30 million budget deficit, NPR chief executive John Lansing wrote in a memo to staff on Wednesday. It will only be the latest media company to make painful cuts as a dramatic slowdown in the advertising market continues to send shockwaves through the industry.
“When we say we're eliminating vacancies, we're talking about our colleagues — people whose skills, spirit and talents help make NPR what it is today,” Lansing wrote in the memo obtained by CNN. “It will be a great loss.”
The layoffs at the public broadcaster, home of popular news shows Morning Edition and All Things Considered, will result in at least 100 job cuts, an NPR spokesman told CNN.
In his memo, Lansing said the network was facing a “sharp decline” in its corporate sponsors' revenue due to the uncertain economic climate. The organization, he said, has already cut spending by $14 million, including freezing most of its job openings, suspending paid internships and restricting nonessential travel.
“With around 65% of our budget going towards staff costs, we have to cut many of the frozen vacancies. Also, we need to reduce occupied positions by about 10%,” he said.
Lansing said he hopes to make final decisions about which positions will be eliminated by March 20.
In recent months, the media and technology sectors have been hit hard as advertisers rein in spending amid economic uncertainty.
Layoffs are common across the news industry. CNN, NBC News, MSNBC, Vox Media, Gannett and other news organizations have all cut their workforces in recent months. And companies that haven't laid off employees have taken strict measures to reduce spending.
Layoffs have also spread across Silicon Valley, with tech companies making significant cuts. Earlier this month, Yahoo announced it would cut 20% of its total workforce. Spotify, Google, Meta, Amazon and Microsoft have also announced layoffs affecting thousands of employees.
Entertainment giants such as Warner Bros. Discovery (CNN's parent company), Disney and Paramount Global have also reduced their workforces.
– CNN's Oliver Darcy contributed to this report.