There's no real way to sugar-coat losing your job. I think an email is as good as anything. Ensures everyone gets the same message at the same time.
Whatever you do, do not ever book a 1:1 meeting on a Friday afternoon for Monday morning titled, "The Future."
And traceability.
In a 1:1 meeting you could fire me and say a gazillion things and I'd forget 99.9% of them.
I think the headline is not the best headline, but what it meant by "cold" is that there was no advance warning. So like cold-calling somebody, but to fire them, and an email instead.