Forbes CEO Sherry Phillips sent out the following to the staff on Friday:
Hi all,
I want to share an important update about our business and our continuing efforts to navigate the current media environment.
The advertising landscape remains highly competitive, audience behavior continues to evolve rapidly, and traditional media business models are under pressure. Like many companies in our industry, Forbes continues to adapt our business for the future.
As a result of revenue shortfalls in the first half of the fiscal year, we have made the difficult decision to reduce a small percentage of staff across some of our business lines. These decisions are never easy, particularly because they affect talented colleagues and people who have contributed to our brand.
As you know, our focus continues to be reallocating resources toward the businesses, products, audiences and capabilities that are demonstrating the strongest growth and have the greatest potential to drive Forbes forward. That means continuing to invest in areas where we see meaningful opportunity while making thoughtful choices about where we spend our time, talent and capital.
We recognize that change like this can be difficult. Forbes has successfully navigated change throughout its history, and we will continue to sharpen our focus, strengthen the business and work together to position ourselves for the next chapter.
Thank you for everything you do for Forbes and for supporting one another.
Sherry.
