by Nate Wooley | November 2, 2012 11:06 am
In another sign of the magazine industry’s declining fortunes, Martha Stewart Living Omnimedia (NYSE:MSO) announced plans to discontinue publication of two of its magazines. The 600-person firm will also be laying off about 12% of its workforce. The move comes just as MSO is about to release its third-quarter earnings.
The cuts are part of new CEO Lisa Gersh’s efforts to return the firm to profitability. The moves are intended to save more than $30 million annually for a company that has lost money every year since 2007.
MSO will cease stand-alone publishing of Everyday Food and make it a digital brand beginning next year. It’s also seeking a buyer for Whole Living, the company’s healthy-eating magazine. If one isn’t found soon, MSO will stop printing the magazine and roll it into flagship magazine Martha Stewart Living next year.
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