Even as layoffs, pay cuts and indefinite furloughs become an almost daily occurrence in the media industry, news about such developments grows no less tragic and alarming. Such was the case Thursday morning, when Atlantic Media chairman David Bradley revealed in a staff memo that, despite gaining 160,000 new subscribers since launching a metered paywall last September, 68 employees at The Atlantic would be informed by 11:00 a.m. that they'd lost their jobs. The cuts, which represent 17% of the magazine's approximately 400 staffers, were made necessary by a decline in advertising and "the overnight and near-complete undoing of in-person events," Bradley said, while noting that those let go include sales and events staffers, but also writers, editors and those in marketing. Advertising aside, the impact of a pause on in-person events on the magazine's top line was certainly significant. In a normal year, The Atlantic produces more than 100 live events, which reportedly account for up to a quarter of its annual revenues and likely a larger share of its margins. Formerly profitable, The Atlantic sank into the red last year, insiders told The Wall Street Journal, after embarking on an aggressive expansion that included hiring about 100 additional employees under new owner Laurene Powell Jobs, whose Emerson Collective acquired a majority stake in the magazine in July 2017, investing a reported $100 million. While providing 16 weeks of severance pay to dismissed staffers is... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-05-21 16:30:08 UTC ]
News tagged with:
#financially viable
#full ownership
#feel optimistic
#monthly traffic
#audience growth
Written By: Graeme Neill Publication Date: Fri, 04/02/2011 - 09:07 The starting gun has been fired for the Bookseller Industry Awards, which this year have been expanded with two new categories celebrating public libraries and childrens publishing. The awards, which run on 16th May during... Continue reading at The Bookseller
[ The Bookseller | 2011-02-04 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#industry awards
#trade gears
#childrens publishing
#starting gun
Written By: Graeme Neill Publication Date: Fri, 04/02/2011 - 10:49 Apple is set for a collision course with Amazon after setting a 31st March deadline for its changes to its app terms. From that date, all apps must make any content they use available for purchase within the app itself. This... Continue reading at The Bookseller
[ The Bookseller | 2011-02-04 00:00:00 UTC ]
More news stories like this |
Written By: Charlotte Williams Little, Brown will be examining Britains industries with a title by Evan Davis, Dragons Den and Today programme presenter. Made in Britain will be published on 5th May as an £18.99 hardback, tying-in to a three-part BBC2 series of the same name, fronted by... Continue reading at The Bookseller
[ The Bookseller | 2011-02-03 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#charlotte williams
#intellectual property
Written By: Benedicte Page Hounslow council has postponed proposals to save money by cutting eight libraries, after a public consultation showed a majority of residents wanted to keep them all. The Hounslow Chronicle reports however that campaigners say libraries are not yet safe, as the... Continue reading at The Bookseller
[ The Bookseller | 2011-02-02 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#save money
Written By: Benedicte Page Essex county council has vowed not to close any of its libraries, or to cut back its mobile library destinations. But consultation is to begin next month on proposals to reduce opening hours to 54 of its 73 libraries. Jeremy Lucas, cabinet member for heritage, culture... Continue reading at The Bookseller
[ The Bookseller | 2011-02-01 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#library service
#cut back
The assets of music magazine Pastewhich folded in print last fall but kept Pastemagazine.com alivehave been sold to Wolfgang's Vault, owner of a variety of music sites including Continue reading at Folio Magazine
[ Folio Magazine | 2011-01-26 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#digital edition