More Cuts Come at Forbes

Citing the continued economic contraction, Forbes Media slashed various financial benefits in addition to eliminating more jobs across all areas of the organization.
The company suspended its 401(k) match; cut salaries for anyone making more than $100,000; and announced a week-long furlough for all employees with no pay—measures that have become increasingly common at other companies struggling to cut costs amid the economic slowdown.
Forbes didn’t specify a number of layoffs in this round, its third in five months, but sources and news reports put the figure at 70.
In a statement, chairman and CEO Steve Forbes said: “This has to do with both the unprecedented environment we find ourselves in today and the need for ongoing reorganization of the company in response to the enormous technological changes affecting media.”
Ad pages at Forbes magazine fell 11.7 percent to 446 this year through March 30, per Mediaweek’s Magazine Monitor.
Forty-three positions were eliminated in November, mostly from the business side, followed by 19 editorial employees in January. Those earlier cuts came as part of a restructure that combined the company’s long-separate print and online functions.
Also last November, the company scaled back its Web verticals devoted to autos and travel and closed its conference business.

Publish date: April 1, 2009 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT