Washington, D.C.-based National Geographic is laying off approximately 180 of its 2,000 employees — or nine percent of its workforce — to cut costs, reports The Washington Post. Other employees are being offered buyouts.

The move, which represents the largest number of layoffs for the company in its 127-year history, comes two months after the company sold National Geographic, the Nat Geo Channel and other assets to 21st Century Fox for $725 million. Fox long had been a joint-venture partner with the company, owning stakes in the Nat Geo Channel and other assets. Now, the National Geographic Society has only a 27 percent stake in the partnership.

National Geographic spokeswoman M. J. Jacobsen told the Post: “We wanted to take care of our long-serving employees.”

That said, it was a tough day even for employees who did not lose their jobs. The company said it was freezing its pension plan for eligible employees, eliminating medical coverage for future retirees and altering its contributions to an employee 401 (k) plan so that all employees would receive the same percentage contribution from the company.

National Geographic is certainly not alone in laying off employees this year. In October, ESPN said it was laying off 200 employees. Both Time Warner and Viacom also have seen layoffs across the board.

Brief Take: This has been a “best of times, worst of times” year in media, with content blossoming like never before, but disruption making things tough at traditional media companies.

Read more: The Washington Post, C21 Media

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