Hearst Makes Cuts at SmartMoney
Spokesperson: Magazine is making “minor adjustments.”
It appears Hearst’s continued streamlining effort has touched the staffers at SmartMoney. A spokesperson has confirmed that there has been a round of layoffs at the magazine but declined to say exactly how many people were let go.
“SmartMoney is making some minor adjustments to its staff based on the current economy, just as all nimble companies have done of late,” the spokesperson wrote in an e-mail to FOLIO:.
With print advertising in a precipitous decline, Hearst has moved forward with several cost-cutting initiatives in recent months, including layoffs and the closing of several magazines: O at Home, CosmoGirl! and Quick & Simple.
SmartMoney—which Hearst owns in a partnership with Dow Jones—saw ad pages plummet 29.7 percent in 2008, according to the most recent Publishers Information Bureau figures.