Forbes axed at least 30 people this week, say company insiders, and the layoffs are expected to continue.
In the third round of cuts this year, the business magazine’s bureaus were particularly hard-hit. Many offices around the country and overseas will be closed, with survivors becoming correspondents working out of their homes, sources said.
There were at least 27 layoffs on the editorial side.
According to sources, some of the big names who got the boot were Los Angeles Bureau Chief Scott Woolley, who in a cruel irony penned the cover story in the current issue; London Bureau Chief Anita Raghavan; and Tokyo Bureau Chief Chana Schoenberger.
In New York, Senior Editor Bernard Condon is also said to be out. A fifth journalist, Opinions Editor Tunku Varadarajan, got out before the layoffs, two weeks ago taking a job with Tina Brown’s dot-com, The Daily Beast.
On the biz side, Jonathan Latimer, head of business development, was axed.
Forbes began the layoffs Monday.
“We — and the entire media world — have been hard hit by both the severe recession and the seismic shifts wrought by the Web,” Forbes Chairman Steve Forbes told staffers in the Black Monday memo.
“Given these dramatic events, further layoffs, unfortunately, are necessary across the entire organization.”
Earlier the print and Web operations were merged and 50 people were let go.
Three years ago, the company sold a 40 percent of the family-run company to Elevation Partners, a venture-capital firm run Roger McNamee and Bono.