UPDATE 1-Book publisher HarperCollins to lay off staff

Tue Feb 10, 2009 4:48pm GMT
 
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NEW YORK, Feb 10 (Reuters) - Book publisher HarperCollins, part of Rupert Murdoch's News Corp (NWSA.O), is laying off staff, offering buyouts and closing a division to save money as consumers cut their spending because of the financial crisis.

"Over the last several months, the unstable economy has had a significant impact on business and consumer spending," HarperCollins chief Brian Murray said in a statement released on Tuesday.

"Our industry is not immune to these market forces, and there is increasing pressure on us, along with our retail and wholesale partners, to adjust," he said.

The financial crisis, which is driving many people to spend less money on books and other optional purchases, is presenting new challenges to HarperCollins in the short term and may have lasting effects on the book industry, Murray said.

The publisher of books by such authors as Doris Lessing and Joyce Carol Oates did not say how many employees it would lay off. A spokeswoman said it was a small percentage, but declined to comment further.

It also did not say how many people were eligible for the buyout or who would be allowed to apply.

HarperCollins also will restructure its General Books Group, which will include closing the Collins Division and putting its imprints in other areas of the business.

Collins President and Publisher Steve Ross will leave the company, as will William Morrow Publisher Lisa Gallagher.

News Corp is tightening spending and headcount across its global media empire. It has cut jobs at its Fox television and interactive businesses as well as at The Wall Street Journal.   Continued...

 

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