With job cuts reportedly in the works and a redesign coming in late April, big changes are definitely coming to Bloomberg BusinessWeek.
At the magazine’s 2010 Media Summit in Manhattan this morning, Bloomberg BusinessWeek President Paul Bascobert was talking about expanding the magazine’s Tokyo bureau and rebuilding the magazine with more pages and thicker paper. Meanwhile, The New York Post‘s Keith Kelly reports that around 30 employees will be laid off in a restructuring that’s coming later this week:
Among those expected to go in the first round of layoffs since Bloomberg purchased the magazine from McGraw-Hill Cos. last year will be photo-department editors, insiders said.
Whether the news is good or bad for BusinessWeek employees — and by the look of things it may depend whether you work in photos or you work in Tokyo — both Kelly and Bascobert agree that the magazine will relaunch on April 23 with a whole new look.
At the Media Summit, signs like the one above proclaimed business magazines dead (sarcastically, we think) and touted the virtues of going against the grain by building a thicker, heftier magazine. Bascobert said that the economic adversity facing magazines “forces us to tighten” and reexamine how to approach the business.
However painful the upcoming changes turn out to be, the time has come for BusinessWeek to turn things around; it lost an estimated $60 million in 2009, and Bloomberg bought the glossy last year for only $9 million. Following the purchase, BusinesWeek laid off 130 staffers.