A chilling memo from the epicenter of the new economy. It was first posted on Jim Romenesko’s invaluable website. It’s a memo sent from San Jose Mercury News publisher, Jay Harris. Can we say NASDAQ 1000?
Sent: Monday, March 05, 2001 1:00 PM
To: ALL
Subject: Update on the Budget Situation
TO: All Mercury News Employees
“This is a letter I have worked very hard not to have
to write to you. It is a letter that brings news you
will not be pleased to receive. But the information
that follows reflects reality and, as always, I want
to make sure you know what’s ahead.
“As you all know from reading the paper and my
recent e-mails to employees, the national economy
generally – and local high tech companies in
particular – are in decline. This continuing decline
has had a significant impact on our business.
“Most problematic is the reduction we’ve seen in
recruitment advertising. With fewer and fewer Valley
companies hiring, and more and more announcing
hiring freezes or layoffs, we are experiencing a sharp
drop in recruitment advertising.
“To understand the speed and size of the decline,
consider this:
“In January, our recruitment revenue fell $103,000
short of the same month last year. In February,
recruitment revenue fell about $2.5 million below the
same month last year.”
Yikes.
The Dish 