Trade Publisher Cygnus Axes 50, Suspends Four Titles
Cygnus Business Media laid off 50 employees—or 12 percent of the company’s workforce— and closed four underperforming titles, our colleagues at FishbowlNY report. The company spokesperson declined to comment on which four titles are being suspended but sources are saying the mags are Modern Jeweler, Lustre, RV Trade Digest and Wood Digest. Modern Jeweler confirmed the shutdown in a blog post.
Note that these are suspensions, not total closures: spokeswoman Kathy Scott told JCKOnline “Right now we are suspending publication until we determine the best course.” Folio reports that a buyer has been rumored to have approached Cygnus about purchasing Wood Digest and another pub; the editor and publisher of Modern Jeweler, for their part, both expressed hope that a buyer would come forward for their title.
Earlier this year, Cygnus froze employee salaries, eliminated its 401(k) match, laid off 30 employees and closed two photography-related titles.
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