Sent to you by Sean McBride via Google Reader: "Sky Is Falling" For
Media Companies via Silicon Alley Insider by Henry Blodget on 10/30/08
Rough week in the media business. PR Week has the summary.
'Clearly, the sky is falling,' says New York Times writer David Carr,
regarding the bloodiest week for employees of media companies in recent
memory. Here's a roundup of this week's bad media news:

- As though following the advice of Netscape founder Marc Andressen,
The Christian Science Monitor announces it will cease print publication
next April, choosing to focus on its Web site.
- Time Inc. announces a major restructuring, including 600 layoffs.
- Gannett plans to cut 10% of its newspaper workforce, but none at USA
- Doubleday Publishing lays off 16, or 10% of its staff.
- Martha Stewart Living Omnimedia cuts its 2008 revenue forecast, and
reports a 25% decline in its publishing division's revenue.
- McGraw-Hill trims 270 jobs company-wide.
- The Los Angeles Times arranges to cut 10% of its editorial staff, or
75 jobs.
- Standard & Poor's and Moody's downgrade The Washington Post Co.'s
outlook from 'stable' to 'negative.'
- The Star-Ledger of Newark, NJ, says it will cut its newsroom staff by
40% by the end of the year.

- In one bright spot, New York Times executive editor Bill Keller says
he sees no further staff reductions.
And, of course, Portfolio basically shut down its web site today.

See Also: New York Times To Staff: Relax, We're Not Firing You Yet

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