Time Inc to slash hundreds of jobs

Jan 30, 2013
An Indian salesman arranges copies of Time magazine in Ahmedabad on March 18, 2012. Time Inc. said Wednesday it was cutting several hundred jobs as the US publishing giant streamlines to adapt to a "multi-platform" media landscape.

Time Inc. said Wednesday it was cutting several hundred jobs as the US publishing giant streamlines to adapt to a "multi-platform" media landscape.

Laura Lang, chief executive at the media unit of Time Warner, said the group was "beginning the painful process" of cutting "approximately six percent" of its 8,000 staff positions worldwide.

"With the significant and ongoing changes in our industry, we must continue to transform our company into one that is leaner, more nimble and more innately multi-platform," she said in a memo to staff.

"To make this change, we need to operate as smartly and efficiently as possible to create room for critical investments and new initiatives. These reductions are part of this important transformation process."

The company publishes 21 US magazines including its flagship Time magazine, People, Fortune and Sports Illustrated.

It 25 websites and several international magazines including global editions of Time and Fortune and publishing operations in Britain and Mexico.

Lang said the job cuts would "come from all areas of . across our locations—both domestic and international" but offered no further details.

The move comes just months after Time magazine's longtime rival said it would end its print edition and go all-digital as part of its partnership with the Daily Beast website.

The publishing industry has been grappling with a steep drop in print , steadily declining circulation and the migration of readers to free news online.

Explore further: Canada demands Google, Netflix data, sets deadline

add to favorites email to friend print save as pdf

Related Stories

Time Warner picks Digitas CEO to run magazines

Dec 01, 2011

Time Warner on Wednesday named Laura Lang, chief executive of digital marketing agency Digitas, to run its extensive stable of magazines, which includes Time, People and Sports Illustrated.

Major layoffs loom at Time Inc.: reports

Oct 30, 2009

Time Inc., publisher of Time, Fortune, Sports Illustrated, People and other magazines, plans to lay off some 540 employees starting next week, or six percent of its workforce, The New York Post reported Friday.

Recommended for you

Canada demands Google, Netflix data, sets deadline

3 hours ago

Canada's broadcast regulator on Monday gave American companies Google and Netflix a three-day deadline to turn over subscriber data or have their testimony expunged from a major public hearing, media reported.

Lenovo looks to expand after IBM acquisition

Sep 29, 2014

Lenovo Group has received U.S. and European approval to complete its acquisition of IBM Corp.'s low-end server business and plans to use it to grow faster outside its personal computer business, Lenovo's ...

Tech-friendly cities struggle with new biz rules (Update)

Sep 28, 2014

A renowned technology hub that is home to some of the country's top universities, Boston is emerging as an unlikely battleground for web-based businesses like Airbnb and Uber, with some saying more regulations ...

User comments : 0