Hearst Tightens Budgets, Slows Hiring

The nature of the beast.

Big name advertisers like Gap and Ralph Lauren are pulling back on their print ad spending, and so big name media outlets like Hearst have been forced to tighten things up.

According to WWD, various Hearst brands have been asked to cut back on their budgets and hiring at the company has ground to a halt.

“We’ve had a great first half following a great 2014 and 2015,” Hearst Magazines president David Carey told WWD. “But we’re watching the state of American retail with some concern. We are asking our teams to be especially careful about their discretionary spending.”

As for the hiring freeze, Carey said it was less of a freeze, more of a “chill.” We fully support “hiring chill” as a legit business term.