NEW YORK (AdAge.com) -- The Economist Group, whose flagship title was recently named Advertising Age's Magazine of the Year, has laid off about a dozen employees in North America.
Some of the cuts were the result of redundancies created when Andrew Rashbass, who became CEO in July, decided to reorganize the company, according to a spokesman who confirmed word of the layoffs.
Some were the result of the same thing that has induced big layoffs from Time Inc. to Hearst Magazines to Conde Nast: the sharp economic downturn and bleak outlook for 2009.
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