BusinessWeek Publisher Slashes 550 Jobs
McGraw-Hill eliminates 125 positions from media division.
In the wake of an announcement that the company is â€śexploring strategic optionsâ€ť for BusinessWeek, McGraw-Hill today said it has eliminated 550 positions company-wide.
While the majority of the cutsâ€”350â€”came from its education unit, 125 were from the companyâ€™s media and information division, which publishes BusinessWeek and Aviation Week magazines. The remaining 85 were from financial services.
McGraw-Hill attributed the media division cuts to â€śthe shifting of resources to continue strengthening the company's digital offerings, as well as the consolidation and automation of certain functions to enable a better customer experience, greater coordination and faster execution, all while mitigating the impact of the current economic conditions.â€ť
This is the latest round of layoffs at the New York-based publisher. Late last year, McGraw-Hill eliminated 375 positions company-wide. Seventy of those came from its information and media division. During the third quarter last year, the company said it slashed 270 jobs company-wideâ€”140 coming from the media division. Â
It was not immediately clear how many, if any, of the most recent cuts came specifically from BusinessWeek. A McGraw-Hill spokesperson did not immediately return a request for comment.
Earlier this week, McGraw-Hill confirmed that it is "exploring strategic options" for BusinessWeek. The publisher is said to have hired investment bankers Evercore Partners to explore a sale of the ailing business title.
Through the first six months, ad pages at BusinessWeek were down 36.8 percent and revenue was down 33.4 percent to $77.8 million, according to the most recent PIB figures.