Worth magazine has cut its New York-based staff by 45 percent because of a sharp decline in advertising by financial firms, according to a Reuters story.
“‘Like every other publisher we are looking at ways to improve margins and get through this very difficult economy,’ said Scott Yablon, chief financial officer at Sandow Media, in a telephone interview.
“The move highlights the general downturn in publishing, especially financial publishing which has seen the shuttering of Doubledown Media, publisher of Trader Monthly and Private Air, as well as severe cut backs and bankruptcy filings in the U.S. newspaper industry.
“The staff cuts at Worth, which included editorial as well as sales and marketing, reduced the New York-based headcount to 8 from 18.”
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