The NY Times reports today that Time Inc. is expected to announce next week that it will cut $100 million in costs and make significant layoffs, describing this as “another blow to what is becoming an increasingly grim industry.” Well, at least some attention is off of Conde Nast.
Writing for the NY Times, Stephanie Clifford reports:
Time Inc., publisher of magazines including Time, Fortune and People, is coordinating its announcement with the third-quarter earnings report of its parent, Time Warner, sources said. The earnings report is scheduled for Wednesday morning.
The $100 million in cuts is expected to come largely from layoffs, said sources, who asked to be anonymous as they were not authorized to discuss the decision. No magazines appeared likely to close, one source said.
At Time Inc., cuts have already been heavy. A year ago, it announced it was dismissing about 600 people, or 6 percent of its staff. Since 2007, it has shut magazines including Business 2.0, Cottage Living, Southern Accents and Life, which it had revived as a newspaper supplement. A stricter expense-account policy has been in place for some time, and some magazines have decreased the weight of the paper they use. And last week, Fortune announced that it would no longer be published every other week and would reduce its frequency to 18 issues a year, from 25.
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