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Revolving Door Newsletter: 02.27.07
New Voice In Town, Wolfe At Portfolio's Door.February 27, 2007
So it wasn't our imaginations; according to Broadcasting & Cable, nearly 18,000 media employees lost their jobs last year, the most since the annus horribilis that was 2001. That figure is mostly comprised of layoffs at Time Warner (including 5,000 jobs at AOL, a quarter of its workforce), MTV Networks, NBC Universal, Disney, and Discovery Communications, plus an untold number of smaller entities. And why the bloodbath? Because it's easier to cut one's way to earnings growth than it is to grow the actual business -- although media moguls are attempting to do that, too, by plowing the savings into digital initiatives ...