Tuesday, January 6, 2009
Hundreds of Jobs Slashed from McGraw-Hill
Written by John Zipperer at 9:57 AM
Folio: (the indispensable magazine industry publication) reports that BusinessWeek publisher McGraw-Hill eliminated 375 jobs in the fourth quarter.
The article notes, "Through the first nine months, McGraw-Hill’s net income was down 21.7 percent to $683.5 million, compared to the same period in 2007," and "revenue was ... down 5.1 percent."
Take $683.5 million out of most companies, and something w).ill have to go. One can only feel bad for the employees who were laid off.
And in a bad-irony way, one can only wonder what thoughts were going through the heads of the BusinessWeek staff as they prepared the December 22 issue (see cover image above).