Blog Post

Crain Communications Lays Off 150; Cuts Salaries 10 Percent Companywide

imageBusiness trade publisher Crain Communications has laid off 150 staffers and sliced salaries across the board by 10 percent, sources tell paidContent. No word on which magazines or whether the business side or the editorial side is bearing the brunt of the cuts. This is the third major paring since closing down Financial Week as a print property in December. Financial Week’s life as an online-only mag didn’t last long; earlier this month, Crain pulled the plug on the long-standing RCR Wireless brand, then shuttered FinancialWeek.com. It also closed two European magazines, Business Insurance Europe and Automotive News Europe. Calls to Crain reps weren’t returned.

6 Responses to “Crain Communications Lays Off 150; Cuts Salaries 10 Percent Companywide”

  1. Curious

    I wonder if the financially desperate Crain company has sold its corporate jet, which it never really needed and is rarely used by anyone other than a member of the Crain family. Why do I think Hugo's daughter is a member of that family or at least wants to kiss its butt?

  2. Onlooker

    Hugo's Daughter is describing the Crain Communications that once was, not the one that has existed since Gertrude Crain retired, taking with her the "family" feel that once chracterized the company. What's happening now has been in the works for years, it's just that the guy at the top didn't see it coming. I believe that is what George H.W. Bush once called "the vision thing." Listening more would have helped too.

  3. Hugo's Daughter

    I so disagree with Onlooker. Cutting salaries is definitely something that isn't Crain-typical. But these are unusual times. The company had to pare down its roster of books and employees to guarantee survival. It pained them to do it but Crain is not the only publisher to be forced to take these actions. What you're forgetting to say is that the company has offered Crain employees extremely generous pension and profit sharing programs for decades. It is an extended family where everyone feels like their last name is Crain. Management has made many wise decisions that have enabled a lot of people to prosper. Onlooker, you must have some sort of axe to grind.

  4. Onlooker

    Crain has been sliding ever since the late Gertrude Crain stepped aside and her younger son Keith took the helm. Keith is a very different company leader than his mom was. Where she nurtured employees and gave them room to make their own decisions, Keith has been a micromanaging leader with a far harder edge, a big stubborn streak and a tendency to bully people. He also lacks vision, which is why his company clung to dying smokestack industries when it should have been broadening into newer, higher tech areas. Keith's leading title and the one closest to his heart is Automotive News. Likewise, one of his first moves as chairman was to relocate Crain's corporate headquarters from Chicago to the dying city of Detroit, where he has long been a big fish in a small pond. In retrospect, the move seems symbolic.
    Cutting salaries across the board is simply unheard of at once-proud Crain as is the shuttering of so many titles in such a short period of time. The best thing that could happen to Crain is that a bigger, smarter, better financed company will come along and buy the company. Crain's future is well behind it.

  5. Watching AdAge shrink to resemble a brochure has been disturbing indeed. It's like watching someone I've known my whole life wasting away, while bravely retaining as much personality and spark as the compromised condition allows.