Melville, N.Y.—Cygnus Business Media confirmed Thursday that it is cutting back employee hours from 40 to 36 for the summer months. The drop in hours will be accompanied by a proportional cut in pay.
The move follows a similar measure from Penton Media and other b-to-b media companies. Cygnus is in the process of completing an equity-for-debt transaction that will transfer ownership of the company from ABRY Partners to GE Commercial Lending.
"We are seeing signs of stability in some of the business markets we cover and continue to focus our digital and print media on trends and movement in the industries we serve. But like them we are not immune to challenges in today's economic climate. The four-hour work week reduction during the summer months was an option that provided our employees some flexibility to spend time with their families while attempting to keep the financial burden on them as manageable as possible," said Kathy Scott, director-public relations for Cygnus.