Breaking: More Cuts at Crain AND 10% PAY CUT

Crain Communications has confirmed that there have been cuts today across its more than 30 business-to-business magazines, newspapers, and digital products. The press release declined to give numbers, but we're hearing that in addition to the layoffs, Crain's instituting a 10 percent pay cut across the board. We'll update as soon as we know more, but in the meantime, if you have information, tell us in the comments or send us a tip. UPDATE: Crain's spokeswoman Colleen Robar confirms the 10 percent pay cut. It goes into effect May 1. Release after the jump. CRAIN COMMUNICATIONS CONFIRMS BUDGET CUTS DETROIT. March 17, 2009â€”Due to the global economic downturn, Crain Communications Inc has confirmed that the private business publishing company has made cutbacks at many of its titles. "We publish more than 30 business-to-business newspapers, magazines and digital products across a variety of business markets," said Keith E. Crain, chairman, Crain Communications, Inc. "There is no cookie cutter solution that works for every title and every market. Decisions were made publication by publication, department by department, to cut expenses to match declining revenues." Staff reductions are part of the cost savings but a total figure is not being released. On March 5, Crain announced the closing of Automotive News Europe, Business Insurance Europe, RCR Wireless News and financialweek.com. "We hope the economy stabilizes soon," said Crain. "Our ability to implement these difficult decisions now will prepare our most robust brands for the future. Our goal is to emerge from this recession as an even stronger company as we begin to look forward to our 100th anniversary in 2016."

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Breaking: More Cuts at Crain AND 10% PAY CUT

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