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VOL. 37 | NO. 4 | Friday, January 25, 2013
Time cuts around 500 people, 6% of workforce
NEW YORK (AP) — Time Inc., the magazine unit of Time Warner Inc., says it is cutting 6 percent of its global staff of 8,000, or about 500 people.
The cuts began Wednesday and will affect domestic and international workers.
In a memo to staff, Time CEO Laura Lang said the company must become leaner, more nimble, and operate on multiple platforms. She said operating more efficiently will create room for critical investments and new initiatives. The unit publishes magazines such as Fortune, InStyle, People, Real Simple and Time.
Time Warner is expected to release its fourth-quarter earnings next Wednesday.
In the quarter through September, revenue at Time declined 6 percent to $838 million on falling subscription and ad revenue. Operating income rose 2 percent to $126 million.