“We—and the entire media world—have been hit hard by both the severe recession and the seismic shifts wrought by the Web. Given these dramatic events, further layoffs, unfortunately, are necessary across the entire organization,” Forbes wrote in the memo.
Forbes Media did not reveal the number of cuts it planned to make. Forbes magazine saw its advertising pages plummet 30.8% in the first three quarters of this year compared with the same period last year. In 2008, its ad pages fell 14.3% compared with 2007.