Lucia Moses of MediaWeek reports that Mansueto Ventures, which publishes Fast Company and Inc. magazines, has laid off 20 employees.
Moses writes, “The books have fared relatively well in terms of ad pages in an otherwise soft market; Fast Company’s pages soared 24.8 percent to 474.8 this year through October, while Inc.’s gained 3.8 percent to 684, per Mediaweek Monitor. Â
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“Yet CEO John Koten said in a staff memo that despite Fast Company’s growth, expenses were rising faster than revenue as the publishing industry business has softened.Â
“‘To ensure our best chance of getting through this rough time and continuing our positive momentum, we must take major steps now,’ he wrote. ‘Unfortunately, this has meant making choices that will be hurtful to some of our fellow employees.’
“Koten said that in addition to cutting 20 staffers, including three of 12 executive committee posts, he would merge Mansueto Digital into its two print departments, and that sales and editorial staffers would handle digital as well as print. He also said the creative services department would close.”
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