Newsweek‘s institutional memory is about to be history, after 111 staffers on its news and business sides accepted buyouts last week.
According to Radaronline, 146 employees were offered buyouts with as much as two years of their current salary, depending on their age and how long they worked at the mag. More staffers than expected accepted the offer. They will be gone by the end of the year. It’s the second large buyout round at Newsweek in six years.
The need for cuts is blamed on continuing revenue and circulation drops of major print publications around the world—due mostly to the impact of the Internet.
Online publishing is generating more revenues for the publishers. I do the frequent research on publishing trends and observed that circulations over the new technology mediums are generating more revenues for the publishers. As the result all of the major publishers are already circulating over the online and some publishers are using the companies like http://www.pressmart.net help to distribute their publication over the new technology mediums.