NEW YORK (AdAge.com) -- Forbes laid off 19 employees from its editorial operations today. The company cited the poor economic conditions for media in general as the cause of the layoffs, and just two months ago laid off 43 sales, marketing and administrative employees for the same reasons. The job eliminations in each case coincided with the integration, at long last, of print and digital operations.
William Baldwin, who had been editor of Forbes magazine, and Paul Maidment, a Forbes magazine executive editor who'd also served as editor of Forbes.com, were named editors atop the new editorial structure. "What we produce every day is not primarily a physical product, a magazine or a website, but our intellectual property -- Forbes journalism," they wrote in a staff memo today.
Of course, that's been true for a long time, so the simultaneous budget cuts suggest that tough business conditions played a part in the timing. The recession has affected all kinds of businesses and nearly every media property. Forbes also faces increasing competition and splintering audiences.
Sinking ad pages
Forbes declined to say how many editorial employees remain, but the editorial masthead on a recent issue listed 188 editorial staff before today's layoffs.
Ad pages at Forbes sank 16.8% through its Nov. 24 issue last year, according to the Media Industry Newsletter.
Forbes attracted 7.9 million visitors in November, the most recent month available, up 23% from the prior November, according to Nielsen Online.