Newsweek offers early retirement
to 85 staff
LONDON - Newsweek is offering early retirement packages to around 12% of its 740 staff, as part of an effort to cut costs during what the magazine called a "prolonged advertising downturn".
The packages have been offered to 85 staff who are 55 or older and have worked for the magazine for at least 10 years. Management say they do not know how many staff will accept the voluntary package.
Newsweek, owned by the Washington Post Company, last offered similar packages in the mid 1980s. The magazine has a domestic circulation of 3.1m.
Last month, Washington Post CEO Donald Graham said that news weeklies are "alive, well and vitally important to our readers". However, he described the advertising situation as "dreadful".
If you have an opinion on this or any other issue raised on Brand
Republic, join the debate in the Forum here.
Latest jobs Jobs web feed
- Marketing Manager Ball & Hoolahan £68,000 + Car/Car Allowance, London
- Group Insight Director, Technology & Financial Jarlett de Grouchy £65000.00 - £80000.00 per annum + bonus, London (Central), London (Greater)
- Commercial Head of Branded Content-Established Digital Business Ultimate Asset £65000 - £76000 per annum + bonus and huge benefits , London (Central), London (Greater)
- Senior Sales Executive - Performance & Brand - Emerging Tech Ultimate Asset £40000 - £50000 per annum + commission & excellent benefits, London (Central), London (Greater)
- Content Strategist Zebra People £300 - £400 per day, London (East), London (Greater)
- Account Manager - Integrated - £28-32K Blue Skies Marketing Recruitment £28000 - £32000 per annum, Benefits: Excellent agency benefits , London (Greater)