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Last Updated: Thursday, 28 October, 2004, 10:01 GMT 11:01 UK
Leading Asia magazine downsizes
A media stalwart in Asia is axing 80 of its staff and moving to a monthly format, blaming six years of losses.

The weekly news magazine Far Eastern Economic Review said it could no longer compete with more immediate news outlets in the region.

The job losses represent 10% of the staff of Dow Jones - the magazine's publisher - in Asia.

The magazine will now be subscription driven and will be largely written by Asian opinion formers, it said.

In a statement, Dow Jones Chairman and Chief Executive Peter Kann blamed poor advertising sales for the magazine's demise.

He said nearly all other advertising-dependent news weeklies in Asia had succumbed to competition from "more immediate media alternatives" - newspapers and the internet.

Lay-offs

One-third of the job losses are editorial positions and 70% of them are based in Hong Kong.

The company said some staff would be transferred to other companies in the group.

Mr Kann said the resources saved would be poured into The Asian Wall Street Journal, another Dow Jones publication.

The Far Eastern Economic Review was founded in 1946 in Hong Kong by Austrian immigrant Eric Halpern, whose mission was "to analyse and interpret financial, commercial and industrial developments; collect economic news; and to present views and opinions with the intent to improve existing conditions."

The new version of the magazine will go on sale in December.


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