See you at the job bank
We were talking the other day about job cuts — more specifically about who would be next to feel the axe blade. We’d seen big cuts at Viacom, Omnicom, Warner Brothers and Time Inc, and, you know, it obviously didn’t take a genius to figure more were coming.
The next day: A memo from AOL Chief Executive Randy Falco announces that the Internet unit of Time Warner will cut 700 jobs, or about 10 percent of its workforce; Reader’s Digest says it will cut 8 percent of its staff.
And now we come to Walt Disney Co, which is cutting about 5 percent of its workforce through a combination of 200 layoffs and a job freeze on another 200 positions.
“After months of making hard decisions across our businesses to help us adjust to a weakening economy, we’re now faced with the harsh reality of having to eliminate jobs in some areas,” Anne Sweeney, co-chair of Disney-Media Networks and president of Disney-ABC Television, said in a memo sent to workers and obtained by Reuters.
So now it’s worth asking yet again: Who is next?
Could it be News Corp? Portfolio reports that The Wall Street Journal’s newsroom “is due to undergo another round of personnel cuts late next week. It’s unclear exactly how many employees will be affected, but two sources put the number of people being targeted at 50.”
And FishBowlNY reports that the “entire staff of Page Six Magazine will be packing up their desks on the heels of today’s announcement that the weekly New York Post insert would move to a quarterly publication schedule.”
Keep an eye on:
- Dell Inc had a team working on developing a cellphone for more than a year and is now preparing to roll one out as early as next month, sources tell The Wall Street Journal (WSJ.com)
- Dating A Banker Anonymous (http://dabagirls.wordpress.com), a blog started by two New Yorkers, has made waves on the blogosphere this week with its tales of woe (Reuters)
- Lack of confidence among clients is hitting the Chinese advertising market, clouding the outlook for revenue growth this year, the head of Internet media firm Sina Corp said in Davos (Reuters)