Newsweek staffers have waited for it to come for months now, and Friday will be the day when they find out their fate. As reported by the Wrap, Newsweek employees will receive a letter on Friday to tell them whether or not the company wants them to stay around once Sidney Harman’s purchase of Newsweek becomes official.
But a lot fewer cuts than expected will take place, as the magazine will keep 75 percent of the staff. Dylan Stableford writes:
According to interviews with three Newsweek staffers — two current, one former — it’s a combination of factors: attractive exit packages that may or may not be available when the sale officially goes through; looming layoffs that, while not as massive as some had predicted, could affect up to 25 percent of the current staff; and, perhaps more than anything else, an overwhelming “fear of the unknown.”
The announcement of those layoffs are expected Friday. On September 8, Harman announced that all employees would receive a letter on September 24 indicating whether or not they’d be given an employment offer under the new ownership. According to one employee, Harman said at least 75 percent of the staff would receive an offer.
Sounds like back in high school, when you found out you were cut from the football team by a red flag in your locker (for those athletic ones among us). I’m guessing the walk to the company mail box will be a slow one for Newsweek staffers on Friday, but at least Harman isn’t taking his time to tell employees who he will keep and who will go.