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Conde Nast Closing 'Portfolio'
Apr 27 200910:02 am EDT -
Newspaper Circ: 'WSJ' Gains as 'NY Post' Tumbles
Apr 27 20099:32 am EDT -
Idle Chatter: The Prognosis for Newspapers, more
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Nostalgia, Entitlement and Murdoch's 'Journal'
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'SmartMoney' Stays 'Nimble' With Layoffs
Earlier this week, Douglas McIntyre of 24/7 Wall St. identified SmartMoney as one of the media brands he fully expects to see go out of business in 2009.
The good news: That hasn't happened yet. The bad news: The Hearst-Dow Jones joint venture laid off a slew of employees last Friday. Most of the jobs eliminated came from the personal title's website, which "got decimated," in the words of one source. According to two sources, the total number of staffers let go was around a dozen, although a third said that figure was high.
A Hearst spokesman declined to comment on the specifics, offering only this statement: "SmartMoney is making some minor adjustments to its staff based on the
current economy, just as all nimble companies have done of late." Indeed, the economy has been particularly unfriendly to SmartMoney, which saw ad pages fall 29.7 percent for full-year 2008.
Update: Looks like Folio had this news first.
