Forbes To Hand Out More Pink Slips; Second Round Of Cuts Targets 50
This story was written by David Kaplan.
Forbes Media is planning on cutting another 50 jobs, MediaMemo's Peter Kafka reports. Forbes didn't return calls seeking comment.
The business mag has already slashed more than 60 jobs since last fall. Those job losses were attributed to the two phase process of combining the digital and print staffs. With that process completed about three months ago, it appears that this latest round can only be laid at the feet of the foundering economy. Kafka wonders whether a number of the other magazine companiessuch as Time Inc., which in October, let go of 600, or 6 percent of its staffthat had their first round of layoffs last fall will be taking out the job ax for another swing. One mag exec told me earlier this year that many companies had cut staff in anticipation of advertiser pullback, and would wait and see if more would be needed in the spring. Considering that the economy's freefall isn't stopping, it's likely that a new wave of job cuts is on the way at major mags. For example, Cond Nast CEO Charles Townsend has already being preparing the troops that more reductions are imminent.
By David Kaplan