By Kevin McCauley
Time Inc. is slashing 480 people from its payroll, an amount that accounts for six percent of the magazine unit of Time Warner’s 8,000-member workforce.
CEO Laura Lang, who joined Time Inc. from Digitas ad agency, said the “reductions” are necessary to “transform our company into one that is leaner, more nimble and more innately multi-platform.”
The job losses are across-the-board both in the U.S. and overseas. Less than half the layoffs are at TI’s New York headquarters.
In a note to staffers, Lang said TI’s needs to “operate as smartly and efficiently as possible to create room for critical investments and new initiatives.”
Lang thanked the laid off workers for “their hard work and dedication to the company.” She acknowledged hard days ahead and thanked staffers in advance for their patience as the company works through its restructuring.
Time Inc. publishes 21 magazines including Time, Fortune, Sports Illustrated, People, Southern Living, Essence, Real Simple, inStyle, Golf, Cooking Light, Health and Money. |