Fortune Small Business
shuts down
The 18-year-old title was owned by American Express
By Louisa Ada Seltzer
Nov 5, 2009
The cuts have begun at Time Inc., and one of the most recognizable casualties is Fortune Small Business, which is shutting down after nearly two decades.
The title was actually owned by American Express, which distributed it to its small business cardholders. FSB, as it has been known for the past year, was produced by Time Inc. through the custom publishing group.
The closure will result in 11 employees being laid off, according to multiple reports, at a time when Time Inc. is expected to cut at least 280 jobs.
The Time Warner-owned company is looking for volunteers to take buyout packages first. Sports Illustrated and Fortune will see the deepest cuts, including many in editorial, according to the New York Post's Keith Kelly.
Some in the marketing and sales departments in the news group were laid off earlier this week.
Word was that Time Inc. did not plan to shutter any core magazines during this latest bloodletting, which mirrors a similarly stiff round of job cuts around this time last year, when 600 were eventually dismissed.
As a non-newsstand publication, FSB was certainly not a core title, though its staffers did contribute to the small business section of CNNMoney.com.
FSB launched 18 years ago under the name Your Company, changing its name eight years later. It moved into the custom publishing unit last year, and it was published 10 times per year.
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