News

Laugh and the World–Oh, Wait…

Haven’t had enough of the economic roller coaster? Late last night, The Economist put out an April Fool’s press release riffing on the world’s woes.

The company will open a new theme park in East London, the prank said. Some of the recession-related attractions at Econoland include Fiscal Fantasyland (“Watch the economy shrivel before your very eyes as you struggle to stop growth falling!”) and Bankrupt Britain. More funny details in the interactive map.

The Economist can afford to have a sense of humor; the magazine topped off Media Week’s 2009 Magazine Hot List, with ad revenue up 25.5 percent last year.

Not so much at Forbes, whose former employees are circulating a release about the company’s intention to sell one of the four brothers who run it, in order to shore up finances. “Pop always told us that people are our greatest asset,” Steve Forbes said in the “statement,” referring to his late father, legendary publisher Malcolm Forbes. Full text below. (Disclosure: I used to work for Forbes.)

Talk about gallows humor—just yesterday Forbes was reportedly letting go 50 employees on the editorial and business sides, in its third round of layoffs since November. April Fool! Ha, ha…heh.

FORBES TO SELL BROTHER

March 31, 2009
New York City

In a further sign of worsening conditions in the magazine industry, Forbes LLC today announced it would be selling one of the company’s namesake brothers.

The announcement, made late Tuesday by Chairman and Editor-in-Chief Steve Forbes, came amidst a new wave of layoffs at the magazine and caught few observers by surprise. The company in recent years has sold off assets ranging from its south seas island, a helicopter from the company yacht, Faberge eggs, a Colorado cattle ranch, toy soldiers, a palace in Morocco and historical documents including Lincoln’s final address as President. The Forbes building itself, at 60 Fifth Avenue, was put on the market in 2007.

Yesterday’s announcement squelched rumors the company has nothing left to sell.

“Pop always told us,” said Mr. Forbes, referring to his late father, legendary publisher Malcolm Forbes, “that people are our greatest asset. Now the time has come to prove him right by monetizing one of my three brothers.”  Exactly which brother would be sold was not immediately clear.

Initial speculation favored Christopher, ‘Kip’ Forbes, whose role in the organization has been diminished following the sale of artworks from the family collections, over which he had responsibility. A number of Middle Eastern buyers are believed to be interested in the still-boyish executive, bon vivant and man-about-town. Siblings Timothy and Robert manage other divisions of the company, for now. A sister, Moira, has no involvement in the business and is believed not to be for sale.

In making his announcement, Mr. Forbes professed optimism about the future, especially that of Forbes.com, which attracts some 20 million users daily. “If pop were here,” he said, grinning broadly, “I’m sure he’d crack open the world’s most expensive bottle of wine.” The Forbes family once owned the most expensive bottle, bought at auction for $156,000 in 1985. It was later found to contain vinegar.

Mr. Forbes is author most recently of ‘Flat Tax Revolution: Using a Postcard to Abolish the IRS.’ He is a four-time winner of the highly prestigious Crystal Owl Award, given annually to the financial journalist whose economic forecasts for the coming year have proved most accurate.

Tags: Economist, Forbes, funny, layoffs, media