Time, Inc. Firing 600 Employees!
Time, Inc., which publishes such magazines as People, Entertainment Weekly, Time and In Style, is really feeling the pinch. In a drastic cost-cutting effort, the company is firing 600 of its employees.
The company outlined the overhaul on Tuesday evening in a memorandum to employees after The New York Times revealed the cuts on its Web site. The layoffs will begin in about two weeks.No magazines are scheduled to close, but some are likely to be severely cut back. Ann S. Moore, Time Inc.’s chairman and chief executive, was already planning an overhaul because of the upheavals in print media, but she was forced to speed up those efforts amid the financial crisis and looming recession.
Time Inc.’s 24 magazines in the United States and their Web sites will be organized 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, which has suffered a severe downturn and is likely to be whittled down under the new structure.
Maybe they shouldn’t have been paying MILLIONS of dollars for celebrity baby photos?
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