Source Media, publisher of a number of Wall Street-focused brands such as The Bond Buyer and Securities Industry News, is reorganizing into a team-based system.
Under the plan, every title at Source will have an editor-in-chief, but won't have a dedicated staff. Instead, Source editors will be organized into four different "pools." And the EICs will pull editors from those pools as needed.
It's possible that the reorganization is nothing more than an attempt to reduce costs by lowering head count. And, according to Folio, 20 jobs will be cut.
But I'm willing to entertain the possibility that this is actually a more nuanced -- and more sensible -- move than it might appear.
Because I'm heartened by the words of Source CEO Jim Malkin, who explained the restructuring to Folio by saying: "Essentially, we are shifting from a group of publications into an information company."
(As an aside, some longtime observers of B2B media may chuckle at Source Media's ambition to become an "information company." That's because Source Media is the former Thomson Media unit of Canada's Thomson Corp., which Thomson sold in 2004. Some four years later, Thomson merged with Reuters to form Thomson Reuters, giving it control of roughly one-third of the market in financial information services. Or, to put it another way, it's probably not too much of a stretch to say that when Thomson set its sites on becoming an information company -- and competing against Bloomberg for the big money on Wall Street -- the first thing it did was to start dumping print magazines. We'll have to wait a bit to see if Source follows suit.)
tags: journalism, b2b, media, trade press, magazines, newsletters, business media