The magazine publisher Time Inc. is expected to make big staffing cuts next week, as part of a plan to cut $100 million in costs, The New York Times reports. The New York Post says 540 employees will lose their jobs.
Elsewhere, Politico's parent company says it will expand into the Washington D.C. market at a time when declining revenues force others to cut back. The D.C.-based outlet typically covers national political news, but the new site will compete with the Washington Post in the local news market, with a staff of 50 led by a former Post site editor, The New York Times reports.
On the same day as Politico’s announcement, The Wall Street Journal announced that it would close its Boston bureau due to a decline in revenue, its second round of layoffs. Newcomers haven’t been spared the effects of the downturn either: after less than two years online, award-winning Spanish digital news site Soitu.es closed down this week.
The NYT is straddling both sides of the news divide as it makes newsroom cuts while expanding into local markets.
Less Jobs... A New Career?
I think I can relate to whats going on for employees of Time Inc. Late last year I was basically forced to pack up and leave as my IT job was deemed 'unnecessary'. I worked for a major IT corporation here in Australia before they had to 'make cuts to recoup losses'.
I've had a lot of trouble getting a job since and I've turned to the internet to keep my family going. Due to my base of knowledge in the IT sector, particularly SEO and whatnot, its been easier than for me than it would be for most. I've been creating websites like Adwords Make Money to get small forms of passive income to support my wife who's now the breadwinner.
They all add up I reckon.
Anyway, I'm hoping some of these people who get cut might by chance happen to venture onto the internet and educate themselves about online income. It doesn't seem, to me at least, that the internet has been hit in the same way as the real world in terms of the flow of money and I think if they took the time to re-educate themselves they could very well progress into a new career which may prove to be a little more stable in the economic conditions of recent times.
Thanks for posting this article, it struck a chord with me for some reason.
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