OLD Media Moves

Forbes magazine makes layoffs

October 26, 2009

Stephanie Clifford of The New York Times reports that Forbes is making an unspecified number of layoffs in its editorial and business sides.

Clifford reports, “The announcement was made in an internal memorandum sent Monday afternoon by Steve Forbes, the company’s chief executive and editor in chief of the magazine. ‘We — and the entire media world — have been hit hard by both the severe recession and the seismic shifts wrought by the Web,’ Mr. Forbes wrote. ‘Given these dramatic events, further layoffs, unfortunately, are necessary across the entire organization.’

“Monie Begley, a Forbes spokeswoman, declined to specify the number of layoffs. She said that some people had been dismissed Monday, and she expected layoffs to continue throughout the week.

“The layoffs came after other cuts at Forbes over the last year, including dismissing about 100 employees, having employees take five days of unpaid leave, and ceasing matching contributions to its 401(k) program.”

Read more here.

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