April 1, 2009

Facebook finance chief Gideon Yu departing

Filed under: Facebook,media,social network,US — DF @ 5:49 pm

Facebook Inc., the closely held Internet company that’s reportedly been seeking a fresh round of financing, is parting ways with Chief Financial Officer Gideon Yu.
Facebook spokesman Larry Yu said Gideon Yu’s departure is unrelated to any effort by the company to raise further funds.

Source: MarketWatch

Update (April 1, 2009): Industry Shocked And Angered By Facebook CFO’s Firing. Gideon didn’t get along with Facebook’s top management. Gideon also had an “increasingly strained relationship” with CEO Mark Zuckerberg “over a series of strategic disagreements over a wide range of issues from increasing ad revenue to fundraising discussions with investors.” Facebook CEO Mark Zuckerberg is quick to push those he disagrees with out of the company. One shared sentiment though is that Mark is a very demanding person to work for, if you screw up, one day you are in, the next day out, persona non grata. Source: CNNMoney reports: “Reportedly, Yu left the company immediately after a meeting, symbolistic of Zuckerberg’s apparent “you’re with me or against me” mentality. But the way Facebook framed the departure is troubling”.. “Zuckerberg needs to learn if he wants to take his company public that investors do not like turmoil. The revolving door of executives at Facebook will make investors uneasy, and reluctant to invest in the company.”

March 26, 2009

Canada: CBC to Cut up to 800 jobs

Canada’s national broadcaster, CBC, announced yesterday that they’re laying off approx 10% of workforce.
The details came a day after CBC president and chief executive Hubert Lacroix announced the public broadcaster would have to cut about 800 full-time positions in total at the CBC/Radio-Canada, as well as selling about $125 million in assets.

CBC English Services plans to cut up to 80 positions from its news division and a further 313 from sports, entertainment, current affairs, sales and support across the country.

Source: CBCNews, Canada

~News submitted by BryanF

Job cuts planned for N.Y. Times, Washington Post

New York Times Co. will eliminate 100 jobs on the business side of its flagship paper and cut employee pay by 5% over the next nine months in exchange for 10 days of leave.
The 5% reduction in pay will affect staffers at the Times, the Boston Globe, and the company’s corporate unit.

Washington Post said it plans to offer buyouts to employees this year at the paper, affecting workers in its newsroom, production and circulation areas, as well as a small number of positions in the advertising and information-technology departments.

Source: MarketWatch

March 24, 2009

Arbitron cuts jobs, reaffirms 2009 outlook

Filed under: media,US — DF @ 3:35 pm
Tags: , ,

According to Reuters: “Media ratings service company Arbitron Inc (ARB.N) said it reduced its workforce of full-time employees by about 10 percent and reaffirmed its 2009 outlook.”

Playboy Enterprises closing NYC offices, laying off employees

According to AP: ‘Playboy Enterprises Inc. is closing its Manhattan office and laying off employees as it struggles with falling advertising revenue and a gloomy economic climate. Company spokeswoman Martha Lindeman says Playboy employed about 100 people at the Fifth Avenue office in midtown. A majority of those jobs will be lost when the office is expected to close May 1.”

March 23, 2009

Daily Mail group to cut 1,000 jobs

The Daily Mail and General Trust (DMGT) media group said Monday it would cut 1,000 jobs this year, over twice as many as previously forecast.

The job reductions, the latest blow to the ailing media sector, will hit its regional arm, although further cuts are planned “across all cost categories” at Associated Newspapers, owner of the Daily Mail and Mail on Sunday.

Source: AFP

March 17, 2009

SF Chronicle may survive as staff agree to benefit and 150 job cuts

The San Francisco Chronicle, Hearst Corp’s US daily which was under threat of closure earlier this year, may survive after staff agreed to longer working hours with additional holiday and job cuts.

Members of the California Media Workers Guild voted 10-1 to approve concessions, including at least 150 job cuts and the removal of some benefits and rights.

In 2008 the 144-year old paper lost more than $50m and is expected to lose even more this year. It has been losing money since 2001.

Source: BrandRepublic

March 16, 2009

Seattle Paper Shifts Entirely to the Web

The Seattle Post-Intelligencer newspaper will produce its last printed edition on Tuesday and become an Internet-only news source, the Hearst Corporation said on Monday, making it by far the largest American newspaper to take that leap.

But the P-I, as it is called, will resemble a local Huffington Post more than a traditional newspaper, with a news staff of about 20 people rather than the 165 it has had, and a site consisting mostly of commentary, advice and links to other news sites, along with some original reporting.

Source: The New York Times

March 13, 2009

U.S. Advertising Fell 2.6% Last Year

According to Bloomberg: “U.S. advertising spending dropped 2.6 percent last year as the worst recession since 1982 forced automakers, movie producers and drugmakers to slash marketing, researcher Nielsen Co. said. “

AOL Hiring Armstrong Prompts Speculation About Site’s Future

The hiring of Google Inc. (GOOG) veteran Tim Armstrong to run AOL has prompted speculation that a long-awaited separation of the troubled Internet unit from Time Warner Inc. (TWX) is finally near.

AOL is currently in the process of cutting its work force by 10%.

Source: CNNMoney

March 9, 2009

Newspaper publisher McClatchy cutting 1,600 jobs

Newspaper publisher McClatchy Co. said Monday that it will shrink its work force by an additional 15 percent as it contends with sharply declining revenue amid a deepening recession.

The 1,600 job reductions should help the publisher of The Miami Herald, The Sacramento Bee and other newspapers meet previously announced plans to save up to $110 million over the next year. McClatchy Treasurer Elaine Lintecum said the company will likely exceed that target, but the company did not release a new estimate.


March 4, 2009

Layoffs Hit Sony Pictures; Studio To Cut 300 Jobs

According to LA Times: “Sony (NYSE: SNE) Pictures has been slashing costs recently, but apparently it hasn’t been enough. The studio is planning to get rid of 300 positions, primarily because of weak DVD sales, the LA Times reported this morning.”

ITV to Cut 600 Jobs

ITV Plc, the U.K.’s biggest commercial broadcaster, said it will cut a further 600 jobs and omit dividend payments after posting a 2.56 billion-pound ($3.6 billion) net loss for 2008 amid dropping advertising sales.

ITV, whose shows include “Britain’s Got Talent” and “X Factor,” is under pressure because advertisers are cutting budgets as the U.K. economy slumps. Broadcasters are also struggling to expand their Internet businesses to make up for a decline in traditional advertising. Ad revenue will probably fall 17 percent in the first quarter, ITV said today.

Source: Bloomberg

March 3, 2009

HSN posts loss, cuts 250 jobs

According to Reuters: “Home Shopping Network operator HSN Inc (HSNI.O) cut about 250 jobs during the fourth quarter, and canceled merit increases for 2009 to contain costs.

HSNi, which had about 5,500 full-time employees as of December 31, 2007, also reported a loss of $2.15 billion, or $38.29 a share, versus a profit of $56.5 million, or $1 a share, in the year-ago quarter.”

March 1, 2009

Worth magazine lays off most of NY staff

Filed under: media,US — DF @ 2:55 pm
Tags: ,

According to Reuters, CNBC: “Worth, the luxury magazine that caters to high-rolling executives and wealthy people, cut its New York-based staff by 45 percent because of a sharp decline in advertising by financial firms.”

“The staff cuts at Worth, which included editorial as well as sales and marketing, reduced the New York-based headcount to 8 from 18.”

~News submitted by upthecreek

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