FT.com cuts jobs
All in the name of integration
Pearson - which owns FT.com - is to axe ten per cent of its new media staff in a move to cut costs and integrate its online and paper-based operations.
Around 40 people are facing redundancy although the giant media organisation said the news was not unexpected.
It seems Pearson has been telling staff for the last eight months or so that its intends to integrate its back-office operations.
Eight journalists on the standalone online publication, FTyourmoney, are to be be given the boot. The remaining four journalists from the title will be intergrated into the FT.com news team.
Earlier, a spokeswoman for Pearson said none of the proposed job losses affected editorial staff.
She also declined to comment on how much the job cuts would save the enterprise.
Last month Pearson announced that its spending on its Internet-related business rose from £95 million in 1999 to £196 million last year although assured worried shareholders that expenditure would fall in 2001.
Yesterday, TheStreet.com announced its intention to cut its workforce by 20 per cent (around 45 people) as part of an ongoing cost-cutting measure intended to save the outfit more than $15 million. ®