Time Warner CEO Jeff Bewkes kicked off his quarterly earnings call by explaining why the company is cutting hundreds of jobs in its Time Inc. magazine unit.
But if you’re impatient, you can simply look at this grim chart, which details the publisher’s Q3 performance
BusinessWeek employees are waiting to hear if they’ll have jobs once Bloomberg takes over the publication, and I’m told that staffers expect to hear their fate shortly after Thanksgiving. That has to be unnerving, but I can at least offer a little bit of comfort in the worst-case scenario employees would be facing had they been purchased by private equity firm ZelnickMedia. The short version: Almost everybody gets fired.
Did you know that Internet publishing–Internet publishing supported by advertising, that is–creates millions of jobs in this country? It’s true, says a trade group, which is trying to convince Washington that all that is at risk if people start passing pesky laws.
Here comes the second round of layoffs at Microsoft, following a first round that started in January. Today’s cuts will likely end up costing about 3,000 workers their jobs. Microsoft had previously warned that it would cut up to 5,000 jobs by 2010. The good news, says CEO Steve Ballmer: The newest round means “we are mostly but not all done” with layoffs. Here’s Ballmer’s memo to the troops.
Google is laying off 200 people from its sales and marketing group, the company announced today in a blog posting. Google has some 20,000 employees, so the scale of the sackings isn’t earth-shaking news. But the fact that they come from the group that Tim Armstrong ran until he decamped for AOL is interesting.
Next up on today’s layoff parade: RealNetworks, which is cutting 130 jobs, or 7.5 percent of the workforce. Standard explanation: The company is trying to “bring expenses in line with revenues in a time of economic turmoil.”
More cuts at Condé Nast: The publisher will fire most of the staff of its Portfolio.com Web site, which is run separately from its sister print publication. The site’s editorial staff of roughly two dozen will be shrunk down to “single digits,” says a source at the company. But Condé Nast managers haven’t told Portfolio.com staffers who’s staying and who’s going.
Peter Kafka has been covering media and technology since 1997, when he joined the staff of Forbes magazine. Most recently, he has been the managing editor of the tech and media Web site, Silicon Alley Insider. Read more »
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
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