Friday, September 24, 2010

Break Out the Tourniquets: Ax Starts Swinging at Newsweek

A Reduced Staff to Go With a Reduced Magazine

The media landscape was on fire today.
Or maybe, that's just fired up, after double bombshells of CNN's big cheese Jon Klein's employment being canceled by the network. Ditto, more or less, for one-time NBC wunderkind Jeff Zucker's imminent departure from NBC (way to work the shoe leather, Bill Carter).
Of course, a reported $30 million kiss goodbye from Comcast will salve his wounded pride.
As it happened, this was also the day Newsweek owner Sidney Harman was scheduled to hand out pink slips, as Dylan Stableford at The Wrap reported.
True to his word, out the door they are going, with about 25 percent of the staff expected to be lopped off the masthead by sundown. They are involuntarily joining a lot of high-profile colleagues who bailed out over the summer.
We'll soon see if there's much a magazine left to put out by those who are left.

UPDATE: Via Business Insider, a Newsweek spokesman says the final number of pink-slips won't be all that bad. Unless, of course, you're among them.

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