DETROIT (AdAge.com) -- Reacting to the global economic downturn and weakness in the advertising business, Crain Communications, parent of Advertising Age, announced layoffs on Tuesday at many of its more than 30 media properties, as well as an across-the-board 10% salary cut.
On March 5, Crain announced the closing of Automotive News Europe, Business Insurance Europe, RCR Wireless News and Financialweek.com.
"We hope the economy stabilizes soon," said Keith E. Crain, chairman of Crain Communications. "Our ability to implement these difficult decisions now will prepare our most robust brands for the future. Our goal is to emerge from this recession as an even stronger company as we begin to look forward to our 100th anniversary in 2016."
The company declined to release the number of staff reductions.
Ad Age also will be changing its summer publishing schedule. Beginning June 22, Ad Age will publish print issues June 22, July 6, July 13, July 27, Aug. 10 and Aug. 24. There will be no print issue the week of Thanksgiving (Nov. 23) or on Dec. 7.
While this is a move directly related to the state of the economy, it also reflects Ad Age's continued evolution to a multiplatform business. During the weeks in which there is no print issue, all of Ad Age's news, analysis, data and columns will be available at AdAge.com.