The Week: City News - Haymarket makes job cuts

Haymarket, the UK's largest privately owned magazine publisher and the owner of Campaign, is cutting 50 jobs in response to the economic downturn.

In a statement to staff, Lord Heseltine, the chairman, said that the first half of the year had been fairly robust but had deteriorated in the second half and that redeployment of staff across other Haymarket publications meant that the number of redundancies would be fewer than 50. Jane Macken will become the managing director of Brand Media Group, the division that houses Campaign, while Marketing Direct and Promotions & Incentives will become online-only publications.