The New Yorker paints a bleak picture of publishing today. Borders is facing bankruptcy. There have been massive firings at Random House and its subsidiaries. Simon and Schuster cut thirty-five jobs, Thomas Nelson cut 54. Harcourt halted acquisitions of new manuscripts, and Penguin froze salaries for anyone making $50,000 or more. More bloodshed and consolidation is certainly on the way, even at smaller houses. The article included this quote from an editor at Farrar Straus Giroux:
We’re privately owned and not quite as massive as houses like Random House. We’ve definitely been feeling the burn with shorter print runs and a tightening on what we can buy, and we’ve had some really bleak editorial meetings.