Jan 16 (Reuters) - IAC IAC.O unit Dotdash Meredith will lay off 143 employees, or about 4% of its workforce, under a plan to focus on growing its advertising business, the publisher said on Thursday.

Many traditional media companies have been looking to focus on more profitable operations as rising competition from digital media firms and a volatile ad market threaten their businesses.

Home to more than 40 brands such as financial media website Investopedia and the Food & Wine magazine, Dotdash is the biggest U.S. digital and print publisher.

"We will be significantly increasing investment in projects that help us connect directly with our audiences and connect directly with our advertisers, which we believe are our biggest opportunities," said Dotdash CEO Neil Vogel.

Media and internet holding company IAC on Monday announced plans to spin off its majority stake in home services unit Angi ANGI.O, as it looks to focus on the growth of Dotdash, its largest business.

Dotdash grew its headcount by 170 employees in 2024 and expects to do the same this year, Vogel said.

In November, Associated Press also laid off 8% of its workforce as it looks to modernize its operations and products.

Earlier this month, storied newspaper The Washington Post said it would lay off about 4% of its workforce, or less than 100 employees, in a bid to cut costs.

(Reporting by Kritika Lamba in Bengaluru; Editing by Devika Syamnath)

((Kritika.Lamba@thomsonreuters.com;))