Cygnus Cuts 6 Percent of Workforce
B-to-b publisher consolidates production, design; suspends two magazines.
Cygnus Business Media has eliminated 30 employees company-wide, or about 6 percent of its overall workforce. A number of the cuts are a result of a consolidation of the company’s production and design teams, the company said.
Cygnus also said it is suspending publication of Photo Trade News (PTN) and Studio Photography, as well as Imaginginfo.com. "While new opportunities for these publications are being explored, the positions associated with these properties have been eliminated," a spokesperson said.
Fewer than 10 of the 30 eliminated positions were associated with PTN and Studio Photography, Cygnus said.
Earlier this year, Cygnus eliminated its 401(k) contribution program and froze employee salaries.
Cygnus owners ABRY Partners has been exploring a sale of the b-to-b publisher since last summer. Wasserstein and Co. emerged as the likely buyer and a deal was expected to be finalized last August. By November, however, negotiations dissipated and the groups “went in different directions.”
The company has since been negotiating another deal. The spokesperson says negotiations are “ongoing.”
Cygnus’ co-CEOs Carr Davis and Tony O’Brien stepped down in January and were replaced on an interim basis by Charlie Carnaval, an executive with Zolfo Cooper, a New York-based firm that specializes in corporate restructuring and interim management solutions.