New York Times:
Forbes magazine said on Monday that it planned to lay off several staff members from the editorial and business sides, a cost-cutting move in response to decreasing advertising revenue.
The announcement was made in an internal memorandum sent Monday afternoon by Steve Forbes, the company's chief executive and editor in chief of the magazine.
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So goes the downward spiral of newspapers and with them the magazines.
You mean to tell me that he who gives patronizing business lessons to the whole world is going broke?
I love Forbes. They keep an excellent record of who the richest people are.
Forbes was the magazine with the many story of the riches people in the world. Stories that were
taken up by the other media. For some time in the recent past these billionaire stories were a
really media frenzy, almost day and day. People had to compare themselves to the richest people,
think only in such categories, including the most expensive houses, the most expensive cars, etc..
These stories were accompanying the boom in the financial markets and obviously was the
overall proof that everybody was making millions, if not billions, one could only get richer -
mere media consumption would make the consumer richer. Nothing could go wrong.
Now advertisers are making the experience time and again that ad spending can be a waste of
money, the waste of lots of money, matter of fact and lead to other management mistakes.
When media firms are eventually affected by reductions in ad spending it usually means that
the advertisers over a longer period of time have made the experience that their ad spending
and ad strategies are not working. When the ad sales guarantee a huge rush of millionaires
coming to a shop, just splashing around with money on the one hand, the actual day- to-day
business experience - in the crisis, the many problems people have, etc., - are definitely
different. Few customers show up and they spend less or often nothing (experience of many
in the fashion retail business now).
perhaps he should lay off himself and allow someone who earned his wings run the show...
This mag lost cred with me the first time I saw Caspar Weinberger's column in it.
Google him.
Poor Steve ... we should take up a collection plate. I am sure all the laid off workers will continue to be covered by the same insurance (f they have insurance)!!!
I am so NOT supporting Steve Forbes on his woooows on his magazine.
Is he too big to fail????
Your pop would be kicking you rear end down the road, can't even run a magazine......................
He and his brothers have been living off the old man since day one.
None of them could function if not for him.
This is clear evidence of effects of GOPer hereditary aristocracy.
oh no...... but who will write about the bankers, wall street types and all those people that have more money than they know what to do with? how will we live? what will we light our fireplaces and bbq grills with?
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Posted: 10-27-09 08:40 AM