IDG Takes Axe To Staff
IDG, global tech information company owned by the patriarchal Pat Mcgovern cut pay for staff a few weeks ago to avoid the need for further layoffs.. Now, it has announced it is culling 8% of staff in the US. There have already been cuts in the UK and there may be more.
Oddly in this fascinating recent interview with McGovern he brags that revenues are growing. Where they have killed the print mag and focussed on the online revenues grew by 10% he says. Something doesn't add up here. Two things are really going on. The downturn is being used as an excuse to rebase costs for the new model and the downturn is hurting IDG more than McGovern cares to admit.
Nevertheless, read the article. It is one of the clearer expositions of a possible strategy for business media companies that I have read
IDG is one of the most advanced media houses in the journey from print to online and still the pain of the downturn is acute