Tuesday, October 28, 2008

Time Inc., #1 Magazine Co., To Lay Off 600 Employees

A sad day at the biggest magazine house in the world.

Time Inc. has announced job cuts of 6 percent, or more than 600 positions, and "a reorganization that could radically alter the culture at the venerable publishing house," according to the New York Times. The company has 7,000 employees in the U.S. and 10,200 globally.

The breakdown:
  • News came via a memorandum Tuesday evening from Ann S. Moore, Time Inc.’s chairman and chief executive.

  • The layoffs will begin in about two weeks.

  • No magazines are scheduled to close, but some are likely to be severely cut back.
  • Time's 24 magazines in the U.S. and their websites will be organized into three divisions: "News," which will include Fortune, Money, Time and Sports Illustrated; "Lifestyle," which include Real Simple, Cottage Living, Coastal Living and Southern Living, among others; and "Style and Entertainment," which includes People, InStyle and Entertainment Weekly.

Or as the Times so aptly put it:

"Power within Time Inc., which through many mergers over the decades became the modern Time Warner, has long been diffuse, with individual publishers and editors essentially running their own shows. That distinct culture is coming to an end."

Sad day.

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