Layoff Roundup: Summit Cuts 21, Crain Cuts 50, TechTarget Cuts 76
Workforce reductions continue.
The layoffs that have ravaged the publishing industry continue to roll, with three prominent b-to-b publishers cutting staff in an effort to reduce costs and survive the recession.
Summit Business Media—a company that had been, until recently, on a buying spree—laid off 21 staffers last week and eliminated six vacant positions, FOLIO: has learned. As part of the cutbacks, a pair of senior executives—Joe Bennett, former Pfingsten president, and Jim Keefe, former senior vice president of the company’s events division—are leaving.
Tom Flynn, the company’s chief financial officer, will take on the additional role of chief operating officer.
Before the cuts, Summit employed 495. CEO Andy Goodenough told FOLIO: he has “flattened the organization and now have eight ‘revenue units’ reporting to me directly, up from four."
Crain Cuts 50
Meanwhile, Crain Communications, publisher of trade magazines including Advertising Age, Crain’s New York Business and TV Week, laid off 50 editorial staffers, according to a Paid Content report, and shuttered the print version of Financial Week.
A rep for Crain did not return a request seeking comment. The company employs about 1,000 staffers.
Tech Target Cuts 12 Percent
Perhaps most eye-opening, however, was the news that Needham, Massachusetts-based publisher TechTarget—a company that has seen significant growth over the last few years—will slash 76 full-time staffers, or about 12 percent of its overall workforce.
According to a filing with the Securities and Exchange Commission Thursday (reported today by BtoB) the company also said it will close its two print magazines—Storage and Information Security.