New York—In response to the teetering economy and weakening demand for print advertising, several print media companies this week announced job cuts and changes to their products.
McGraw-Hill Cos. cut 270 positions and posted a restructuring charge (primarily employee severance costs) of $23.4 million for the third quarter, according to the company's most recent 10-Q filing with the Securities and Exchange Commission. Of the restructuring charges, $13.9 million came from McGraw-Hill's information and media group, which includes BusinessWeek. McGraw-Hill eliminated 395 positions in the second quarter and 600 positions in 2007.
Time Inc., publisher of Fortune, plans to slash 600 jobs, according to a report in The New York Times. Gannett Co., publisher of USA Today, plans 3,000 job cuts, according to Reuters, and the Tribune Co.'s Los Angeles Times plans to cut 10% of its workforce. —Sean Callahan
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