Monday, March 31, 2008

Newsweek axed 111 staffers last week

Newsweek is trimming very close to the bone, as disclosed by this informed media blog, on Radar.

Among those leaving are some of the magazine's best-known, most-admired and longest-service critics, including David Gates, David Ansen and Cathleen McGuigan. Harold Shain, a former president of the magazine, is also departing.
146 staffers were offered the chance to leave the magazine, with as much as two years of their current salary as a departing bonus, depending on their age and length of service. The package also includes pension sweetners and the chance to continue health insurance coverage until the age of 65. More staffers than expected accepted the offer
Few of the folks who accepted the buy-out are foreign correspondents, and with so many staffers now departing by the end of the year(like rats off a sinking ship?), some new hires are expected.

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