It’s probably much more difficult for a large publisher to handle the economic downturn as they can’t quickly adapt and make changes to a rapidly changing market. That’s not to say the economy has been kind to small and midsize publishers. But, many of the smaller magazine publishers have taken strategic actions to preserve their brand.
I still can’t help thinking about the many talented people from these large publishing conglomerates that will lose their jobs. Plus the vendors that will lose an important client as more top tier publishing and media companies fall.
The Reader’s Digest Association, Inc. (RDA) today filed voluntary, pre-arranged petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. As previously announced, this move is part of an agreement in principle with the majority of our senior financial lenders to reduce our debt and better position our company for long-term success.
During my weekly meeting with my staff today, I wondered if some of the talented editors, writers, and creatives would join together to start new magazines to replace the fallen media giants… Perhaps we need a special program to help these people get right back into the saddle and keep doing what they do best.
Let’s help these professionals network and communicate. Please support your colleagues in getting involved with social media and meeting the partners that will put them on the right track to new jobs or their own publishing business. If you know of good networking sites for journalists, reporters, editors, writers please share them and I’ll pass these links along.
Letter: http://www.rdarestructuring.com/
