Newsweek laid off "about a dozen" editorial staffers Wednesday. The weekly posted a 48 percent drop in revenue in the third quarter, resulting in a $4.3 million loss. Memo from editor Jon Meacham after the jump.
Meacham sent this memo to his staff around 6 p.m. on Wednesday announcing the elimination of "about a dozen" positions at the magazine due to "market conditions." Meacham admirably admits that he has "no spin to offer" about the magazine's dire condition, but then goes ahead and offers some spin anyhow: "The different direction we undertook earlier this year continues to appear promising in terms of building and retaining an engaged audience." Can't blame him, really. Tough times.
To the Staff
From Jon Meacham
This has been a tough day for the magazine. Because the economic climate in publishing has become ever more difficult, we have been compelled by business considerations to eliminate about a dozen positions. We are parting company with colleagues who have done much to serve the magazine and its readers. As much as we would like it to be otherwise, market conditions mean that we are going to have to do our work with fewer people.
I have no spin to offer. I will say this, though: our new magazine and website have been well received by readers. The different direction we undertook earlier this year continues to appear promising in terms of building and retaining an engaged audience that we hope will be attractive to advertisers while we, like so many other organizations, seek new sources of revenue in order to fulfill our mission. Our situation is not unique. But we will keep working as hard as we can to find solutions that are.
In the meantime, thanks to you all for the work you have done and will do. To those who are leaving, we will miss you, and we wish you the very best.