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'Forbes,' 'BusinessWeek' confirm job cuts

Published on .

New York--Reflecting the continuing hardships of business publications, BusinessWeek and Forbes recently cut jobs to deal with the slumping advertising market.

On Tuesday BusinessWeek cut 21 jobs, or 4% of its work force.

Late last week Forbes made across-the-board staff cuts. A Forbes spokeswoman could not specify the number. The New York Daily News reported that about 25 jobs were eliminated at privately held Forbes.

Both BusinessWeek and Forbes continue to struggle against the ad downturn. Through September ad pages for BusinessWeek dropped 20% compared with a year earlier, according to the Publishers Information Bureau, while ad pages for Forbes fell 16% during the same period.

--Matthew Schwartz

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