Tech Publisher TechTarget To Cut 76 Jobs; 12 Percent of Workforce; Closing Two Print Mags

TechTarget (NSDQ: TTGT), the publicly traded online and events tech trade company, is cutting 76 jobs from the company, about 12 percent of its workforce, according to an SEC filing. From the filing: “on December 11, 2008, the company implemented an expense reduction program that included (a) a reduction in workforce, (b) a reduction in certain office leases, (c) the elimination of its two print publications, and (d) a continuation of strict controls on discretionary spending.” As a result of this, it expects to incur a pre-tax charge of about $2 million for this fourth quarter….the cuts will be completed by end of this month, it said. The two print magazines, CEO Greg Strakosch tells me, are Storage Magazine and Information Security Magazine.

The company isn’t in any dire financial straits, though: it says that it will continue to invest in “business initiatives aimed at gaining market share, most notably the launching of new websites and the expansion of its international operations”. On its financial position, as of Nov 30, the company has approximately $68.8 million in cash, short-term and long-term investments, and bank debt of $3.25 million. More in the SEC filing here.