'Sky falling' for employees at many media brands

'Christian Science Monitor' cuts print edition; Time Inc. to lay off 600; Gannett plans 10% newsroom cut

“Clearly, the sky is falling,” says New York Times writer David Carr, regarding the bloodiest week for employees of media companies in recent memory. Here's a roundup of this week's bad media news:

  • As though following the advice of Netscape founder Marc Andressen, The Christian Science Monitor announces it will cease print publication next April, choosing to focus on its Web site.
  • Time Inc. announces a major restructuring, including 600 layoffs.
  • Gannett plans to cut 10% of its newspaper workforce, but none at USA Today.
  • Doubleday Publishing lays off 16, or 10% of its staff.
  • Martha Stewart Living Omnimedia cuts its 2008 revenue forecast, and reports a 25% decline in its publishing division's revenue.
  • McGraw-Hill trims 270 jobs company-wide.
  • The Los Angeles Times arranges to cut 10% of its editorial staff, or 75 jobs.
  • Standard & Poor's and Moody's downgrade The Washington Post Co.'s outlook from “stable” to “negative.”
  • The Star-Ledger of Newark, NJ, says it will cut its newsroom staff by 40% by the end of the year.
  • In one bright spot, New York Times executive editor Bill Keller says he sees no further staff reductions.

Also in the media glare:

Media plans for an early, and late, election night.

Charles Barkley and Fox News' PR department go one-on-one.

Numerous former New York Sun employees contribute to The Daily Beast.

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