Time Inc axing nearly 300 jobs
Time Inc is eliminating nearly 300 jobs as it continues to revamp its huge portfolio of magazines such as Time, People and Sports Illustrated in an effort to adapt as readers and advertisers move to the Internet.
By Agencies |
NEW YORK: Time Inc is eliminating nearly 300 jobs as it continues to revamp its huge portfolio of magazines such as Time, People and Sports Illustrated in an effort to adapt as readers and advertisers move to the Internet.
The giant magazine publisher, which is part of the media conglomerate Time Warner Inc, announced to its staff yesterday that it was eliminating 289 jobs in various departments across the company, which publishes about 150 magazines.
The cuts, which had been widely expected, would bring Time Inc's payroll down to about 11,000, Time Inc spokeswoman Dawn Brides said. By division, 172 cuts would be from the editorial side of the magazines, while 117 cuts would come from the business side.
Time Inc's flagship magazine, Time, will close its bureaus in Atlanta, Chicago and Los Angeles as part of the cuts. Time magazine spokeswoman Ali Zelenko said executives had asked for up to 31 volunteers for buyouts among union-covered personnel, but she declined to give a total number of job eliminations at the magazine.
"It's horrendous," said Barry Lipton, president of the Newspaper Guild of New York, which represents about 400 people at Time Inc. "It will forever change the character of Time and the quality of publications they will continue to put out."
Like other magazine publishers, Time Inc is trying to cope with rapid changes in consumer reading habits and advertising spending as more people get news and information online and have less time for traditional media.
For the nine-month period ending last September, Time Inc's profits fell 5.9 per cent as revenues edged down 0.6 per cent, compared with the same period a year earlier.
The giant magazine publisher, which is part of the media conglomerate Time Warner Inc, announced to its staff yesterday that it was eliminating 289 jobs in various departments across the company, which publishes about 150 magazines.
The cuts, which had been widely expected, would bring Time Inc's payroll down to about 11,000, Time Inc spokeswoman Dawn Brides said. By division, 172 cuts would be from the editorial side of the magazines, while 117 cuts would come from the business side.
Time Inc's flagship magazine, Time, will close its bureaus in Atlanta, Chicago and Los Angeles as part of the cuts. Time magazine spokeswoman Ali Zelenko said executives had asked for up to 31 volunteers for buyouts among union-covered personnel, but she declined to give a total number of job eliminations at the magazine.
"It's horrendous," said Barry Lipton, president of the Newspaper Guild of New York, which represents about 400 people at Time Inc. "It will forever change the character of Time and the quality of publications they will continue to put out."
Like other magazine publishers, Time Inc is trying to cope with rapid changes in consumer reading habits and advertising spending as more people get news and information online and have less time for traditional media.
ADVERTISEMENT
For the nine-month period ending last September, Time Inc's profits fell 5.9 per cent as revenues edged down 0.6 per cent, compared with the same period a year earlier.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
