Forbes Terminates Contracts of Dozens of Contributing Writers

Forbes has recently terminated contracts with dozens of contributing writers, a move that has generated significant backlash and confusion among those affected. The decision, communicated via email on Monday, was framed by Forbes management as a necessary step to ensure the financial viability of the business news site. Jeffrey Marcus, the assistant managing editor, stated that the media industry is undergoing drastic changes, compelling publishers like Forbes to adopt new strategies to deliver journalism that meets reader expectations.

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The affected contributors, who are independent contractors with expertise across various fields including finance, media, lifestyle, sports, and food, were informed that their contracts were terminated effective immediately. Many expressed shock at the abruptness of the decision, with some contributors noting that they had received no prior indication of impending layoffs. Court Stroud, a contributor for nearly eight years, described the experience as feeling “like being kicked out of the door.”

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In the wake of the terminations, Forbes has emphasized the need for a financially sound contributor model that aligns with the evolving needs of its audience. Marcus indicated that contributors are now expected to produce at least two impactful articles each month. However, some former contributors criticized the compensation structure, which reportedly offered $50 per article for a maximum of ten articles monthly, excluding bonuses tied to traffic performance.

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There are speculations among former contributors regarding Forbes potentially shifting towards AI-generated content to reduce costs and increase website traffic. Despite these rumors, a source close to the company asserted that Forbes has no plans to utilize AI for content creation.

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Founded in 1917, Forbes has undergone significant transformations in its business model over the years. The company has increasingly relied on key franchises, conferences, and contributor-generated content. Following its acquisition by Integrated Whale Media in 2014, Forbes has faced various challenges, including a failed attempt to go public and a recent shift away from using freelancers for product reviews due to changes in Google Search policies.

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In 2023, Forbes attempted to sell a majority stake to Austin Russell, CEO of Luminar Technologies, but the deal fell through due to financing issues. The company has also welcomed over 200 new contributors this year, indicating a continued investment in its contributor network despite the recent layoffs.

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The terminations have sparked outrage among former contributors, many of whom feel the decision was handled poorly. One contributor, who had been with Forbes for 15 years, expressed disappointment, stating, “This is not how you treat people.” The abrupt nature of the layoffs, coupled with the lack of communication prior to the terminations, has left many contributors feeling undervalued and disrespected.

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Forbes has not disclosed the exact number of contributors affected by the layoffs but maintains that the contributor network is vital to its future. The company continues to review its contributor network to ensure alignment with its editorial strategy. As Forbes navigates these changes, the impact on its content strategy and contributor relationships remains to be seen.

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• “The media industry is changing drastically, forcing publishers, including Forbes, to pursue new strategies to provide the journalism our readers depend on,” — Jeffrey Marcus, Assistant Managing Editor, Forbes

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• “I was completely taken by surprise — there was no indication they were going to let me go,” — Court Stroud, Former Contributor

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• “This is not how you treat people.” — Anonymous Former Contributor

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