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Daily Beast layoffs begin
Posted By -NO AUTHOR- On 12/07/2012 @ 12:52 am In Money,U.S. | No Comments
(Adweek) It’s got to be a sad day at the Newsweek Daily Beast Co., where the layoffs that have been expected since the company announced it would fold the dead-tree edition of Newsweek have begun.
The staff got an email at lunchtime today from editor in chief Tina Brown and CEO Baba Shetty notifying them that editorial staffers would learn if their positions are being eliminated.
The company announced in October that it would take Newsweek digital-only in 2013—it’s expected to lose $40 million this year, mostly from the newsmagazine—ending a costly experiment to combine the weekly publication and online upstart into a profitable entity.
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