On Wednesday morning, during Time Warner (TWX)'s third-quarter earnings conference call, chairman Jeff Bewkes said, "We'll continue to take a look at non-strategic and less profitable titles."
Apparently, one of those non-strategic titles is Fortune Small Business. A Time Inc. spokesman confirms to DailyFinance that the Fortune spin-off is suspending publication.
The news comes just as the publisher embarks on a fresh round of job cuts aimed at saving $100 million in costs. Between 400 and 500 jobs will be eliminated, according to The New York Times, only a year after the company shed 600 workers.
But the closure of FSB will only eliminate one job, thanks to its publishing model. Update: Actually, the number is higher; see clarification below. Though it falls under the Fortune brand, FSB is owned by American Express Co. (AXP)'s American Express Publishing and produced by Time Inc. Content Solutions, its custom-publishing division. Most of the writers and editors who work on FSB also work on other titles, and so will get to keep their jobs.
Launched in 1991 as Your Company and rechristened in 1999 with its present title, FSB was published 10 times a year and distributed free to 1 million American Express cardholders. Ad pages in FSB were down 14.1 percent year-to-date through September, according to the Publishers Information Bureau.
Clarification: As the Times notes, the closure of FSB will actually result in the elimination of 11 jobs total, five of them full-time. Only one of those employees is technically within the Time Inc. News Business Unit; the rest are part of the Content Solutions division.
What Is Your Risk Tolerance?
Answer the question "What type of investor am I?".View Course »