Time Inc. Offers Buyouts Ahead of Hundreds of Layoffs
by Nat Ives, ADage
Publishing Leader Employed 12,000 Three Years Ago, Now Just 9,000
Buyout offers kicked off the latest round of major job eliminations today at Time Inc., where cuts are coming to replace growth as the annual expectation.
“This restructuring will allow us to most efficiently focus our resources on the creation of compelling content at our world-class titles,” a spokeswoman said in a statement. “Unfortunately, given the tough market conditions, this restructuring will mean a loss of jobs. We wish our departing colleagues and friends the very best with their future projects.”
Time Inc. employed some 12,000 people as recently as three years ago, but its headcount had fallen to 9,000 before today’s cuts, through several rounds of layoffs, the shutdown of titles including Teen People and Cottage Living and the sale of magazines including Field & Stream and Popular Science. Today’s cuts are expected to claim hundreds of jobs. Last year the damage totaled about 600 jobs.
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I'd rather that Time get smaller and tighter instead of doing what Newsweek did – turn the magazine into something not at all worth reading.