The edict, issued in a memo last week from Ford CFO Don Leclair, came as Standard & Poorâs downgraded the companyâs credit rating, and represents a potentially devastating blow to many embattled publishers.
Employees were instructed to end subscriptions by Nov. 30 and seek a refund for any balance.
A Ford spokesman estimated savings from the move in the millions of dollars. The automakerâs public affairsâ staff, which the spokesman estimated holds a couple of hundred subscriptions globally, is exempt.
Jim Watt, chairman of American Business Media and chairman of Watt Publishing, said he was âflooredâ to learn about Fordâs move. âI donât ever recall a major company putting out a memo like that.â But he speculated ABMâs members would not feel a big impact because he believes most have controlled circulation.