MediaBuyerPlanner: The job cuts coming at Time Inc. will be deeper than was previously expected.
The company announced yesterday that it will cut 289 jobs, with 172 coming from the editorial side and 117 from the business side, writes The New York Times.
Time magazine will lose nearly 50 people and is closing bureaus in Los Angeles, Chicago and Atlanta, though it will maintain three “laptop” correspondents who will work directly with editors in New York.
Sports Illustrated is losing about 30 people, while People is laying off about 44 (though it is also creating seven new correspondent jobs around the country). People, too, is shuttering bureaus – in Washington, Miami, Chicago and Austin, Texas.
The editorial losses account for more than 5 percent of Time Inc.’s editorial employees worldwide, while total job losses account for about 2.6 percent of the company’s total staff.
Time Inc. plans for 86 of the editorial cuts to come from Guild volunteers who have been given until mid-February to accept buyout offers. The rest are coming from layoffs that are being carried out today, according to Adweek.
Time Inc. has said it plans to invest more in its websites. Already, increased investments appear to be paying off. For example, People.com – which launched a redesign last fall – broke its own record for traffic in a single day, with 39.6 million page views, following the Golden Globe awards this week.
Related stories:
- Time Inc.’s Deep Layoffs Begin Today
- Changes for ‘Time’ May Mean Good News for ‘Newsweek’
- ‘Time’ Launches New On-sale Date, Sections
- Time Inc. Axes 27, Restructures Audience Development Dept.
- Time Inc. to Shed 18 Titles, Including ‘Parenting’
- Newsstand Circ Drops
- Time Inc. Cuts Staff by 250
- Time Inc. Merges Print, Online Ad Sales for Biz Titles
