Bloomberg BusinessWeek Cuts 25; Moves A Dozen To The Wire Service

About 25 staffers were let go from Bloomberg BusinessWeek as the title prepares for its major redesign late next month. Among the 25 who were cut were senior reporters Tom Lowry and Michelle Conlin, FishbowlNY reported. The layoffs were attributed to “redundancies,” a Bloomberg rep told Mediaweek. Separate from the job cuts, Bloomberg plans to move a dozen BW reporters to the wire service.
Roughly 100 staffers lost their jobs at BW a few days ahead of the official transfer of ownership from McGraw-Hill (NYSE: MHP) to Bloomberg last November.
At the Bloomberg BusinessWeek Media Summit, which was still being held in the McGraw-Hill building, the registration area was adorned with four posters touting the mag’s relaunch, which arrives on newsstands on April 23. The tagline on one poster says in large, bold type: “Business Magazines Are Dead,” with “Oh, really?” in a smaller font below. Another one explains what’s to come by saying, “Fewer Pages, Fewer Stories, Fewer Issues — sounded like a lousy idea to us too.” Bloomberg execs have promised that the revamped BW will have shorter articles, but more pages for editorial and three more issues.
Staci adds: There’s never a good time for layoffs but Bloomberg picked a rotten one. This should have been a week for the brand to get a boost with the Media Summit. Instead, that was squandered within the community that covers Bloomberg — and may ripple beyond. That’s before we get to the quality issues of the cuts but aside from personal frustrations over some of the layoffs, that’s hard to gauge now.