You know things are bad in the media industry when some of the trade magazines that cover advertising -- the major source of revenue for the sector -- may consolidate.
The New York Post reported Monday that trade publisher Nielsen Business Media may fold Adweek, MediaWeek and BrandWeek into one publication known as Adweek. Another scenario the Post offers is that Brandweek and MediaWeek combining into one publication and Adweek continuing as a standalone. Regardless, should any of these scenarios happen it will likely result in more layoffs and fear in the publishing industry. The possible restructuring follows last October's layoffs of 15 at the three publications.
The Adweek rumor is the latest chatter surrounding Nielsen Business Media. Last summer, the New York Times reported rumors that private equity-owned parent Nielsen Co. BV had put the unit, which also publishes Billboard and the Hollywood Reporter, on the block. However, the credit crisis seems to have put the auction on hold. The crisis also forced Nielsen's private equity owner KKR Private Equity Investors LP to take a write down on its investment in the media company.
Meanwhile, the Boston Herald cut 6% of its work force, eliminating 24 positions -- 12 voluntary and 12 involuntary.
Lastly, The Daily Herald, Illinois' third-largest newspaper, has eliminated 24 jobs and is ordering a 5% reduction in salaries, according to a memo distributed to employees, Editor & Publisher reports. - Gerald Magpily
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