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BREAKING NEWS & VIEWS

Black Enterprise: Bracing for the Worst
Wednesday, February 25, 2009
Steve Smith

Even in the distressed business magazine segment, Black Enterprise publisher Earl “Butch” Graves has a few extra arrows in his quiver, but that may not be enough to stave off the oncoming downturn. As we report in next week’s min’s b2b, Black Enterprise weathered January fairly well, down only -10.53% in ad pages compared to January 2008. Most books in the category suffered deeper double-digit declines. Graves credits his magazine’s unique audience composition for the resilience and the fact that he has TV properties, print and online to package for clients. Nevertheless, he sees the storm looming. “We are bracing ourselves for the worst and planning for the worst outcome,” says Graves. There have been no layoffs at Black Enterprise yet, but this publisher is both frank and regretful that the move may be inevitable. “In the first time in our history we will have to seriously consider layoffs by the end of the first quarter if things don’t turn around,” he says. “We are a company of only 100, so we try to protect our folks.”

In an industry that relies on advance planning and forward-looking schedules, the buying cycles have changed. “The problem is you have a pervasive negative feeling within the ad agencies and the clients themselves,” says Graves. “No one knows what is going to happen even one week from today. Everyone is buying on an issue-to-issue basis.”

Graves says the online side is doing well but that the site does not get the same number of advertisers as print, even though it attracts sizable audiences. “A challenge for us in the digital space is how many resources to put against it,” says Graves. “We are trying to find that balance between what makes sense in print and in digital.”

Graves remains skeptical about prospects for 2009. While his book was resilient in January, he is fully expecting a tough quarter. “We are not counting on the fact that there will be any major recovery in 2009. It may go sideways this year. We want to position ourselves so that when it does recover we have a chance to be a part of it.”

If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com

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