Hearst Explores Cost Cutting Measures
Changes could bring staffing ‘adjustments,’ spokesperson says.
Hearst has become the latest magazine publisher to contemplate major cost-cutting measures. The company is “examining where we can streamline,” a spokesperson wrote in an e-mail to FOLIO:.
According to a Women’s Wear Daily report, president Cathie Black is combing the business “floor-by-floor” in order to cut costs. One move would be to close Oprah at Home magazine, the report says. Hearst shuttered CosmoGirl earlier this month.
When asked about the cost cutting measures, the Hearst spokesman wrote that “in some cases, that may mean shifting resources and adjusting staffing.” The spokesperson declined to say exactly how much money Hearst is looking to save, and declined to comment on closing any of its magazines.
“At the same time, we continue to hire, as well as introduce new successful products like Food Network Magazine and Delish.com,” the spokesperson wrote. “Hearst is a debt-free, privately held, and diversified company, so we’re confident that we’ll be well-positioned when the market rebounds.”