Eighty jobs to go as the publishers call time on it’s 58-year history.
NEW YORK, Oct 27 (Reuters) - Dow Jones & Co. is changing its unprofitable Far Eastern Economic Review magazine to a monthly from a weekly, resulting in the loss of a tenth of the company’s jobs in Asia and a fourth-quarter charge.
The publisher of the Wall Street Journal said on Wednesday it will cut 80 jobs following the change to the Asian current affairs magazine and take a fourth-quarter charge of about $3 million, or 2 cents a share.
The magazine, published in Hong Kong since 1946, has lost money for the past six years, Chairman and Chief Executive Peter Kann said in a statement. The monthly Review’s business model will rely mostly on circulation though it will still accept ``select’’ advertising, he said.
The first issue of the monthly Far Eastern Economic Review will be published in December.