'Red Herring' cuts frequency to monthly

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San Francisco--In response to the softening advertising market, Red Herring plans to reduce its frequency from biweekly to monthly, starting in November. As part of the move, the magazine will also eliminate 28 jobs, or about 16% of its staff, mostly in editorial. Red Herring, which for months has been the subject of sale rumors, has been struggling with the demise of dot-com advertising as well as the downturn in the tech sector. Through July, ad pages for the publication fell 53% compared with the same period last year, according to the Publishers Information Bureau. Ad revenue dropped 19%. Mark Edmiston, managing director of AdMedia Partners Inc., a New York-based media investment banking firm, said of the reduction in frequency, "It's a smart move to preserve the company's assets while waiting for a turnaround." Edmiston added, however, that unless the technology sector bounces back within the next several months "it's going to be tough" to stay viable in the marketplace.The announcement by Red Herring came less than a month after The Industry Standard folded and its parent company filed for bankruptcy protection.

--Matthew Schwartz

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