CBS, TheStreet.com Slash Jobs
The latest victims: CBSNews.com, which laid off a quarter of its full-time employees, and online financial news provider TheStreet.com, which cut 20 percent of its workforce yesterday.
Along with the cuts in its full-time workforce, CBS News’ Web division also slashed several part-time positions. The cuts are expected to add up to 20 jobs. CBSNews.com currently employs around 50 full-time workers.
“Dot-coms all over the country are struggling to come up with the business model that makes them profitable,” CBSNews.com spokeswoman Sandra Genelius told CBS MarketWatch. “We [are struggling] like everyone else.”
Yesterday’s action follows a similar batch of layoffs at sister site CBS.com last June in a reorganization effort that claimed 24 jobs — a quarter of the site’s workforce at the time.
The move also comes two months after CBS, owned by broadcasting giant Viacom, decided to roll the operations of CBS.com and CBSNews.com into its television group. The action produced no layoffs.
Meanwhile, TheStreet.com, an Internet-only financial news site, laid off 38 of its 190 employees.
The cuts accompany efforts to ease costs including contract services and travel and a plan to sublet some office space.
The New York-based company says it expects the cuts to save as much as $15 million per year. CEO Thomas J. Clarke said the company has $60 million in cash and no debt.
The layoffs mark the second time in five months TheStreet has slashed staff to keep the company on the road to profitability.
The site’s last cuts came in November, when it pink-slipped 40 full-time employees and shut down its fledgling British service, TheStreet.co.uk.