New media magazine Red Herring has axed 21% of its workforce – the third round of job losses in seven months – blaming the slowdown in the ad market.

The 54 job cuts – which follow 24 redundancies in October and 32 in December – will be felt across the business, including, for the first time, editorial staff.

Red Herring denied speculation that it is looking for a buyer [WAMN: 30-Apr-01] or that it wants to change frequency from bi-monthly to monthly. It added that subscriptions have jumped 86% since March 2000, and that there would be no change in the business model for its free website.

Red Herring also refused to comment on its finances, despite revealing $15 million in funding from Broadvision last month. It is thought that the magazine’s editorial budget – already reduced from $14m to $9m in recent months – faces further cuts if extra funds are not procured.

News source: Financial Times