Articles
Nielsen Cuts Jobs
Last week Folio magazine's e-newsletter, which serves the publishing industry, reported that Nielsen Business Media, producers of the Medtrade shows, laid off several employees as part of a restructuring plan to reduce the workforce by 10 percent.
Though the exact number of layoffs and the departments in which cuts were made were not released, Nielsen said the layoffs put the company closer to its goal of reducing 4,000 positions.
According to the report, a source indicated that some of the layoffs were in editorial departments of Adweek, Brandweek, Mediaweek and the Hollywood Reporter. Nielsen said the cuts were across the entire organization and not focused on any particular brand.
A source within Nielsen said that no one on the Medtrade staff is affected by the layoffs.
According to financial statements released late last month, Nielsen reported overall revenues of $4.7 billion in 2007, an increase of about 7 percent over the previous year. The company's total debt, however, was $8.25 billion Dec. 31, with cash balances of $399 million.
