paidContent - McGraw-Hill Slashes 550 Jobs; Media & Info Group Cuts 125 PostsBusinessWeek Not Affected
This story was written by David Kaplan.
Having already admitted it’s considering selling BusinessWeek, McGraw-Hill (NYSE: MHP) is turning to more immediate cost-cutting in the form of 550 layoffs, mostly in its education unit. But the media and information unit that BusinessWeek, along with J.D. Power and Associates, is not unscathed, as 125 positions are being cut there. Several well-placed sources told paidContent that BusinessWeek was not affected by the layoffs.
The company also announced that in slicing 340 jobs at the education unit, all the divisions in that segment would be combined into a single entity. As a result of today’s layoffs, McGraw-Hill said it would take a $15.2 million, ($0.03 per share) charge on its Q2 earnings, which will be reported on July 28. The total cuts represent roughly 2.8 percent of McGraw-Hill’s over 21,000 employees.
—Maintaining staff levels: Other than the closure of BW-TV last year, BusinessWeek hasn’t had a layoff since the end of 2007. There were no general layoffs in 2008 and none so far in 2009. Naturally there’s freeze on new hires and so the magazine has lost some staffers over that time through attrition, mostly in production. Release
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By David Kaplan