Unfortunately, on the heels of the monthly jobs report there will be more job seekers pounding the pavement and they include employees of Martha Stewart Omnimedia.
Late yesterday The New York Times announced the company is going to layoff about 70 employees and will cut back two of its four publications. This equates to almost 12 percent of the total number of its employees.
For instance, Everyday Food will scale back its magazine and publish five issues each year instead of 10. Plus, it won’t be sold as a publication by itself and instead, subscribers to Martha Stewart Living will receive it as a supplement.
In addition, Whole Living Magazine, is looking for a buyer. According to the newspaper, execs are in talks to sell the publication, they already plan to stop printing it by the end of this calendar year if it hasn’t been sold.
As a result of the cutbacks, Martha Stewart’s business will now rely on its two flagship publications, Martha Stewart Living and Martha Stewart Weddings.
Technically, when looking at the company’s history the lay offs and reductions in publishing shouldn’t be a total shock. Income has steadily decreased across its publishing, merchandising and broadcasting arms.
Plus, the company slashed $12.5 million in broadcasting costs when it cut daily programming with the Hallmark Channel. The Martha Stewart Show ended its live audience on that channel and soon announced a new weekly show, Martha Stewart’s Cooking School, was going to air on public television.
Sadly though we’ve had to report more than enough layoffs recently; hopefully next week and in the weeks to close out the year there will be an uptick in media companies expanding in the digital and broadcasting space.