Layoff train making stops at Forbes, Time Inc.
The media recession may be gradually lifting, according to Rupert Murdoch and Janet Robinson, but that doesn't mean everyone with a publishing job is going to make it to the other side. Forbes Inc. embarked on a fresh round of layoffs this week, and employees at Time Inc., the world's biggest magazine company, are expecting to get similar news any day now.
The downsizing at Forbes comes just six months after the company eliminated a reported 50 jobs and treated remaining workers to pay cuts, furloughs and a suspension of 401(k) contributions. All told, it's the fourth round of cuts in a year. So far, the only employees let go have been on the business side; editorial layoffs are slated to come down on Wednesday. A Forbes spokeswoman declined to comment on details of the restructuring, but WebMediaBrands CEO Alan Meckler says 30 staffers are out of jobs.