Media Job Cuts Jumped 88% in 2006

Posted on January 30, 2007

A UPI news story is citing a survey from Challenger Gray & Christmas that found media job cuts climbed 88% in 2006. 17,809 media jobs were lost last year compared to 9,453 job cuts in 2005. If with the big increase 2006 was still well short of the total in 2001 when there were 43,420 media job cuts.

The media industry slashed 17,809 jobs last year, a nearly two-fold increase from the 9,453 cuts in 2005, outplacement consultancy Challenger Gray & Christmas said.
The figure was the industry's largest annual job-cut total since 43,420 media job cuts accompanied the collapse of the technology bubble in 2001, the survey said.
"A sea change in the way people get and read news, not to mention the way they search for jobs, used cars and consumer products, was the primary contributor," the company said.
Media companies, including the New York Times Co. and Time Inc., have already laid off 2,000 employees in 2007, Challenger noted, saying the cuts suggested the downsizing trend would continue.

Unfortunately, this year has picked up where last year left off. Recently there have been jobs cuts at Time Inc. and at Lagardère, a large French magazine publisher.