OLD Media Moves

Forbes: No more cuts

May 15, 2009

Forbes CEO Steve Forbes sent out a memo to the staff on Friday after the departure of Elevation Partners co-founder Roger McNamee from the board, noting that it does not portend more cuts at the business magazine publisher.

Peter Kafka of All Things Digital has the memo.

It reads, in part: “Let us also remember that in 2001-2002 in the aftermath of the tech bubble bursting, and particularly after 9/11, magazine advertising plunged. We had to take many painful steps at that time as well. There were many who said we should shut down the then money-losing Forbes.com. We did not, and it went on to great success. Now, just as then, we are contending with crisis but also planting seeds of our future success.

“As for the Forbes Media board, several Elevation partners have rotated on it.  Bret Pearlman has been involved from day one.  And Roger McNamee is still very much engaged with the company, particularly web strategy and technology.

“We fully understand the concerns that the present difficult environment causes.  We want to thank everyone for their hard work. We profoundly believe that the steps being taken, not only short-term painful ones, but also new growth initiatives, will make Forbes stronger than ever when economic recovery comes.”

Read more here.

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