Forbes to cut staff : Report

The US magazine Forbes is planning to layoff several staff from the editorial and business sides, as a cost-cutting measures in response to decreasing advertising revenue, says a media report.

Attributing to an internal memorandum sent on Monday by Forbes' Chief Executive Steve Forbes, The New York Times said: "We and the entire media world have been hit hard by both the severe recession and the seismic shifts wrought by the Web. Given these dramatic events, further layoffs, unfortunately, are necessary across the entire organisation."

The report said Forbes spokeswoman Monie Begley has declined to specify the number of layoffs. She told New York Times that some people had been dismissed on Monday, and layoffs would continue throughout the week.

The job cuts were announced despite a steady circulation of the business magazine. Quoting the Audit Bureau of Circulations, the NYT said Forbes, had a circulation of 9,14,000 in the first six months of this year.

However, advertisement pages dropped by 32.5 per cent this year to just above 300 pages, through the September issues, the report said attributing it to the Publishers Information Bureau.