Time Inc. cuts 289 employees to trim costs
Time Inc., the world's largest magazine publisher, has laid off 289 employees at its top titles in order to expand its branded properties on the Web, where the company sees its future.
The publisher's most profitable magazine, People, let go 44 editorial employees and closed its bureaus in Washington, Miami, Chicago and Austin, TX. Yet People is creating seven new jobs, for a net loss of 37.
The company's flagship title, Time, is laying off 50 people and shutting its bureaus in Los Angeles, Chicago and Atlanta. Seven positions in Washington and three in Paris are being eliminated.
Overall, 172 people on the editorial side and 117 on the business side will be let go. This represents 2.6 percent of the company's global staff of 11,300.
Ann S. Moore, chairwoman and chief executive of Time Inc., said in a memo to employees that "progress brings change ... and we need to continue to evolve to meet the cost pressures and challenges presented by our rapidly shifting industry."