In an effort to show better profitabilty to their corporate conglomerate owners, magazines are instituting hiring freezes to reduce expenses through attrition. Advertising Age reports:
Hachette Filipacchi Media U.S., where ad pages through August are down 6.1%, according to TNS Media Intelligence, has a freeze under way. And at Time Inc., where pages are off 2.9% through August, the heads of finance and human resources have gotten together over the past month to look at all open positions; which vacancies actually get filled will be up to four executives who report directly to Chairman-CEO Ann S. Moore.
In addition, numerous magazines have shut down in the past year.