Hundreds of Layoffs in Store at Time Inc.
Wednesday, October 29, 2008
Amy Novak

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Time Inc. announced in a memo yesterday (Oct. 28) that the company is undergoing a major reorganization which will likely result in the loss of 6% of the magazine publisher's workforce (app. 600 jobs). The layoffs are expected to begin in two weeks, though no magazines are scheduled to close, as reported by the New York Times. Executives at Time Inc. were unavailable for comment.

Time Inc. CEO Ann Moore noted that magazines will now be broken into three divisions: news, which will include Fortune, Money, Time and Sports Illustrated; lifestyle titles, which include Real Simple, Cottage Living, Coastal Living and Southern Living, among others; and style and entertainment, which includes People, InStyle and Entertainment Weekly.

Time Inc. has explored several other revenue outlets in the past two months in an attempt to increase reveune another way. Read about their Getty Images partnership here, their Maghound launch here and their revamped focus on video here.

Read the full story in the NYT here and read more about Time Inc.'s restructure in the Nov. 3 issue of min.

If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com

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