Ad Age parent company to cut jobs and salaries

Crain Communications, parent company of Advertising Age, has announced job cuts at its 30+ media properties, as well as a 10% salary cut.

Crain announced on March 5 that it was closing Automotive News Europe, Business Insurance Europe, RCR Wireless News and Financialweek.com.

Keith Crain, chairman of Crain Communications, said: “We hope the economy stabilizes soon. Our ability to implement these difficult decisions now will prepare our most robust brands for the future. Our goal is to emerge from this recession as an even stronger company as we begin to look forward to our 100th anniversary in 2016.”

The company did not reveal how many jobs would be lost.

The economic downturn will also see Ad Age changing its publishing schedule, with the magazine admitting that “this is a move directly related to the state of the economy”.