BusinessWeek Names New Editor, Starts Layoffs (Perhaps) (Updated)
BusinessWeek, which is in full reinvention mode since its was bought by Bloomberg last month, has found itself a new editor. We also hear layoffs are coming. Full info below. (UPDATED, with internal memo).
BW's new editor will be Josh Tyrangiel, the editor of Time.com. He replaces Steven Adler, who left BW last month after Bloomberg took over. One might reasonably speculate that Tyrangiel was a familiar name to Norm Pearlstine, the former Time editor who now runs Bloomberg's content. Funny Tyrangiel Wikipedia line: "In journalistic circles, Tyrangiel is postulated to be the successor to Richard Stengel, the current editor of TIME." Has inaccuracy been found on Wikipedia? From BW's own report:
In some media circles, Tyrangiel was considered a leading candidate to succeed Time managing editor Richard Stengel. According to sources, Time Warner CEO Jeff Bewkes was so impressed with Tyrangiel that he tried to recruit him to be come the editor of CNN.com, the online arm of the 24-hour cable news channel, but Time Inc.'s current editor-in-chief John Huey intervened and convinced Tyrangiel to stay at Time with the promise that he might one day succeed Stengel.
Separately, we hear (unconfirmed) rumors that the long-expected post-sale BW layoffs have now started. One tipster tells us: "No word yet on how deep, but seems like a lot... Sounds like edit and ad sales are tomorrow, all other business functions are today." UPDATE: "3 people in marketing and 2 in finance" have been let go, our tipster says.
And as for the effect of Tyrangiel's departure on Time, which is itself in the midst of cutbacks: A tipster tells us that the savings there from Tyrangiel's departing salary means fewer people will get laid off. Which is good news, because the tipster says that "the deadline for volunteers at TIME is tomorrow in new york. after that they'll move swiftly to lay people off in new york, london and hong kong."
We've contacted Bloomberg and we'll update when we learn more. Please forward all internal memos and tips on this here.
UPDATE: This is the memo that went out at BW yesterday—some believe the "meetings" it references will include layoff notifications.
November 16, 2009
To: BusinessWeek Employees
From: Norman Pearlstine and Chris Walters
Bloomberg/BusinessWeek Integration Report #3
We are pleased to provide a progress report as we enter the last two weeks of the integration process.
Since our previous update on November 5, we have met or spoken with hundreds of you at departmental roundtable discussions. Thank you for your candor, insight and thoughtfulness on ways to make BusinessWeek even better. We took away many new ideas and better clarity on each department's priorities, concerns and accomplishments. In turn, we hope you took away a sense of our respect and excitement for the future of BusinessWeek.
At the same time, a selection process has been underway in many areas. This week, BusinessWeek staff members (except in Europe and countries where local requirements govern the process) will be invited to a meeting (in person or by telephone) to learn next steps. During the first half of the week, meetings will be held with Marketing, Communications & Events; Circulation and Production; Finance; Technology, and Digital. The remainder of the week will be spent with Sales and Sales Development, and Editorial. You'll be notified of the time and place separately.
One-hour information sessions will be scheduled on Thursday and Friday for U.S.-based employees receiving offers from Bloomberg to learn about benefits, policies and programs. Additional new hire orientation and terminal training will be provided after December 1. Employees outside of the U.S. will also receive similar information in the near future.
If you are moving to a Bloomberg office on December 4, you will receive information on logistics, your new address and general telephone number, and moving boxes. BusinessWeek marketing will provide electronic "change of address" cards to notify clients of your new location. Your "businessweek.com" email address will remain in effect.
Along with McGraw-Hill, we are striving to make the process as smooth and respectful as possible. We are very mindful that this transition will be emotional for everyone, and ask for your continued patience and consideration.
Chief Content Officer