The Toronto Star, is eliminating 85 jobs this Christmas season, as it restructures its newspaper division and more cuts may be on the way, according to one analyst.
The “voluntary and involuntary restructurings” in the division will result in an $11-million charge in the fourth quarter against earnings, the publisher said Wednesday.
“It’s pretty big,” said one analyst who did not want to be named, adding that the cuts may help offset significant advertising declines at the Star.
WHY wait until the 12th day of Christmas to start your bloodbath? is the subject of a column in the New York Post yesterday.
For weeks now, the editorial staff at Time Inc. has been worried and demoralized because the bean counters from the McKinsey & Co. consulting firm have been poking around. And you know what the conclusion always is: Fire more of those log-rolling editorial types – toss ’em into the fire.
But why wait to spread the cheer?
This week, Time Inc. Chairman and CEO Ann Moore once again tossed aside one of the few sacred rules left in corporate America: Do not fire people the week before Christmas.
She fired 27 more people in the company’s consumer-marketing department yesterday. The hit list includes three directors: Josh Orenstein at Money, John Reese at Time and Hank Fifield at This Old House.
This brings the count of people who have been axed, downsized, booted and canned at Time Inc. since this time last year to 577.
This is the second year in a row that Moore has played the Grinch and fired people right before the big holiday. Last year, she fired 105 on Dec. 16.
“It’s bizarre to wait this close to Christmas,” said one source.
The 577 number doesn’t count the 550 people who are being shown the door as part of the sale of 18 magazines, including Parenting and Field and Stream, that is heading into the final round. The deadline for the next round of bids is now Jan. 8, several sources told Ink.
2006 was the Year of You, on Time’s cover and the death spiral, fueled by old media liberal bias and the truth written in today’s blogs.