According to reports, Bloomberg is looking to cut about 100 positions from BusinessWeek, or about 25 percent of the magazine’s total staff. Some of those layoffs have already reportedly started, with more to come today.
The Wall Street Journal reports that, over the last few weeks, Bloomberg has been asking BusinessWeek editorial staff members to submit “resumes, news clips and 250-word statements about their personal qualifications,” to their new bosses. If that info helps to determine who stays and who goes, it sounds like these staffers had to basically reapply in order to keep their jobs.
According to a memo, obtained by Gawker, BusinessWeek staffers are being invited to meetings this week in order to learn “next steps,” which we presume means either offers of continued employment at Bloomberg or news that they are being laid off. Explained the memo:
“One-hour information sessions will be scheduled on Thursday and Friday for U.S.-based employees receiving offers from Bloomberg to learn about benefits, policies and programs. Additional new hire orientation and terminal training will be provided after December 1.”
Gawker also reports that, according to a tipster, “three people in marketing and two in finance,” have already been let go from BusinessWeek. We’ll keep you posted as this story develops. If you have any more information about layoffs, staff meetings with Bloomberg execs or the info BusinessWeek editorial staffers were asked to submit send us an email or leave a tip on the anonymous tip box on the right.
BusinessWeek Names New Editor –Wall Street Journal