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Cahners cuts 150 more jobs

Published on .

New York--Cahners Business Information, publishers of Variety and 127 other business publications, announced Monday that it will cut 150 more jobs, or about 3% of its work force. The latest round of cuts brings the number of jobs Cahners has eliminated this year to about 550. In a press release, the company said the most recent job cuts were undertaken to "accelerate development of new Internet and print information products." Last week, Reed Elsevier, Cahners' Anglo-Dutch parent company, said Cahners' revenues were flat for this year. Companywide, Reed Elsevier said it intended to take as much as a $400 million restructuring charge spread across 1999 and 2000. It also said it planned investments of as much as $325 million in product development and marketing, especially in the Internet arena.
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