Time Inc. Plans About 600 Layoffs
October 29, 2008 at 5:26 AM (PT)
TIME INC. plans to cut 6% of its work force -- more than 600 positions -- and will revamp the organization in a way that could radically alter the culture at the company, reports THE NEW YORK TIMES. The company outlined the overhaul on TUESDAY evening in a memorandum to employees after the TIMES revealed the cuts on its website. The layoffs will begin in about two weeks.
No magazines are scheduled to close, but some are likely to be severely cut back. Chairman/CEO ANN S. MOORE was already planning an overhaul because of the upheavals in print media, but she was forced to speed up those efforts amid the financial crisis and looming recession.
The company, a division of TIME WARNER, the media conglomerate that includes CNN, TURNER BROADCASTING, HBO, AOL (including AOL RADIO) and the WARNER BROS. movie studio, is facing the twin perils of a shifting landscape from a severe downturn and a loss of readers and advertisers to the Web.