"A Day of Layoffs, Across Industries and Continents" read a headline in the New York Times this afternoon on a day that saw the American economy lose some 62,000 jobs, according to the Times. The cuts were at a number of companies in various industries. Hitting close to home in the film business were significant cuts at Daily Variety, the entertainment industry's leading trade publication.
Variety reported this afternoon:
Due to the economic downturn, some 30 staffers will be trimmed by Reed Business in Los Angeles. The staff reductions span corporate, editorial, sales and other personnel. Among the businesses involved are Daily Variety, 411, Video Business and Trade Show Week.
Neil Stiles, president and publisher of Variety, said, "We continue to have confidence in the long-term growth of our businesses, but the economic realities of the moment call for a degree of belt-tightening."
Name writers for Variety are apparently among those leaving the trade paper, but the company did not confirm the individuals this afternoon.