Rich man Sidney Harman bought Newsweek a few weeks ago, and everyone's been wondering when the real changes would come down. Several editorial stars have already left the magazine; now, a tipster tells us, significant layoffs are on the way.
A tipster tells us that Joseph Galarneau, SVP of Operations and Chief Information Officer, "has been informing certain employees that all current employees in Manufacturing, Distribution, Administration and Sourcing, and Advertising Layout and Traffic are going to be terminated in the coming weeks as Sidney Harman outsources the work to save money." Sidney Harman's previously stated willingness to absorb financial losses has its limits, apparently. Our source also tells us that Newsweek CEO Tom Ascheim is having an "all hands" meeting on Wednesday, September 8 "to bring clarity to what the new Newsweek will mean."
Sounds scary. If you know more, email me.