Sarah Rabil of Bloomberg News reports Friday that BusinessWeek is ending its television show, which will result in the layoffs of nine employees.
Rabil writes, “The show ‘doesn’t align with our core audience of global business leaders,’ Keith Fox, BusinessWeek’s president, told employees in a memo today.
“BusinessWeek will focus on digital video rather than broadcast programming, Fox said. The employees at ‘BusinessWeek TV’ are part of 270 job cuts that McGraw-Hill announced earlier this week when it reported a 14 percent drop in third-quarter profit. The workforce reduction adds to about 1,000 positions already eliminated in the past year to lower expenses.
“‘The best strategy is for us to remain focused on those aspects of our business that are positioned to capture growth in both audience and revenue,’ Fox wrote in the memo.
“‘BusinessWeek TV’ airs weekly in 158 markets, mostly on ABC stations including WABC in New York and KABC in Los Angeles, according to the unit’s Web site. The 30-minute Sunday morning program started in October 2001.”
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