Forbes Ends Contract with Many Contributors
This week, Forbes made headlines by abruptly terminating contracts with many of its contributing writers. The decision has sparked confusion and frustration among the public, with executives stating they are focused on the site’s “financial health.”
Contributors to this 108-year-old publication, many of whom are independent contractors and specialize in various fields—from finance to lifestyle—received notifications on Monday that their contracts were terminated immediately, as reported by The Post.
“The media landscape is shifting dramatically, compelling publishers like Forbes to adopt new strategies to provide journalism that meets our readers’ needs,” wrote Jeffrey Marcus, deputy editor of the site, in a communication.
He emphasized that Forbes aims to create a “financially sound” contributor model that meets the evolving demands of its audience. To maintain readership, the company is focused on attracting a “large and loyal audience,” requiring them to prioritize recurring contributions.
While the exact number of writers affected remains unclear, many have noticed their bylines on the website changed to “former contributor.”
A spokesperson mentioned that Forbes routinely assesses its contributor network to ensure alignment with its editorial strategy and audience needs.
Interestingly, they also stated that the contributor network is vital for Forbes’s future, highlighting that over 200 new contributors have joined this year.
The suddenness of the cancellations left many writers in shock.
“I was completely taken aback. There were no signs they would let me go,” remarked Cort Stroud, a former contributor and professor at NYU, who had worked with Forbes for nearly eight years.
Stroud expressed feeling like he was “being booted out the door.”
Some contributors pointed out that the compensation wasn’t very appealing—just $50 per article, capped at 10 monthly, with no bonuses tied to traffic. There’s speculation that a steady stream of articles might be deemed too costly, especially under the direction of “younger” managers who aim to run operations more “lean.”
Marcus and executive editor Caroline Howard communicated that contributors are expected to produce at least two “impactful” articles monthly.
One disgruntled source suggested that Forbes might be pivoting towards AI-generated content to save costs and boost website traffic, while another long-time contributor lamented, “This is not how you treat people.”
Despite rumors, a source close to the company asserted that Forbes doesn’t plan to use AI for content creation.
A contributor shared that several individuals were mysteriously removed from the company’s Slack channel shortly before Thanksgiving, only to receive termination emails from Marcus and Howard the next day.
Forbes, originally founded as a magazine in 1917, has adapted its business model over the years, emphasizing content from well-known franchises and contributors.
Since the acquisition of a majority stake by Integrated Whale Media in 2014, Forbes has faced challenges. Last year, cryptocurrency exchange Binance announced plans to acquire a stake for $200 million, but the IPO was ultimately halted due to unfavorable market conditions.
Recently, Forbes attempted to sell an 82% stake to Luminar Technologies’ CEO, but the deal fell through when financing issues arose.
In December, the publication stopped using freelancers for its product reviews, attributing the decision to changes in Google’s search policies.
Today, Forbes continues to champion capitalism and entrepreneurship, known widely for its annual rankings of the world’s wealthiest individuals, as well as for leaning into key franchises like “30 Under 30,” conferences, and branded content collaborations.
