Paper cuts: Axe swings at The Financial Times
February 24, 2017
When Nikkei Inc., a Japanese company, bought The Financial Times in 2015, it pledged to “pursue quality growth” and said it wouldn’t try to profit through cost-cutting.
Of course, like many newspaper owners, Nikkei has found that’s easier said than actually done. In first quarter of last year, Nikkei suffered its first decline in print advertising in four years, something that’s become all too common for U.S. newspapers over recent years.
And while digital sales have been promising, outstripping print for the first time late last year, the paper is still hurting.
That led it to make the difficult decision this week to lay off more than a dozen employees from The FT’s editorial department.
Voluntary buyouts and attrition
Some of the job cuts will come through attrition – jobs that are open will not be filled. But others will be carried out by voluntary layoffs.
The FT aims to slash 20 jobs, in a move to save money as it transitions to a new growth strategy.
Nikkei has decided to refocus on subscription sales, according to Bloomberg, in an effort to be less dependent on advertising, which can be fickle. Nikkei notes that digital subscriptions to the paper are up 17 percent since it took over, and it’s hoping to hit 1 million digital subscribers by 2020.
After nearly 18 years, it’s time to say good-bye
Yet more evidence native advertising doesn’t work
A new type of cord-cutting: Snipping broadband
Coming, the collapse of radio’s iHeartMedia
Weeklies: Surviving if not thriving in digital age
Tweeter in chief: How Trump could save Twitter
Shows Trump hates are seeing big ad gains
Broadcast vs. cable: How the top shows stack up
A sign that coughs at your cigarette smoke
The word: Time Inc. sale is imminent
Rundown: Which advertisers have jumped from YouTube
Media Life’s Digital Media Transparency Initiative
HBO does hard time with Dwayne Johnson
- Arun Kumar becomes chief data and marketing tech officer at IPG
- Jenny Campbell rises to managing director at 72andSunny
- Adam Crandall becomes director of strategy at mono
- Mark Wildman rises to EVP of partnerships at Westwood One
- Kevin Craig rises to SVP of newspaper relations at AMG/Parade
- Bill Corvalan becomes VP of West Coast partnerships at AllOver Media
- Richard Just becomes editor at The Washington Post Magazine
- Gemma Lawson rises to VP and design director at Nickelodeon
- Ashley Judd joins Epix' 'Berlin Station'
- Former NBC ad sales executive Robert Blackmore dies at age 90
This week’s broadcast ratings
This week’s cable ratings
This week’s top-rated movies, songs and books
This week’s daypart ratings
This month’s digital traffic data: December 2016
Ad sales rep for a digital-only magazine
Freelance media planner/buyer available for all markets
Wanted: Media buyer in Philadelphia
Paid social media planner wanted in Detroit
Opening for a media planner at a top OOH agency