CEO Rich Battista said the layoffs are the result of shifting the publisher's emphasis online. - From TheStreet
(TIME) , the magazine publisher that rejected buyout offers in April, announced layoffs on Tuesday aimed at cutting costs as the publisher continues to shift its focus to digital platforms.
In a note to Time's roughly 7,500 employees worldwide, CEO Rich Battista said the positions of 300 employees, or 4% of its workforce, will be eliminated through layoffs and buyouts.
Despite Time's recent struggles to grow revenue amid declining print advertising sales and circulation, its board rejected those offers, arguing that the company's brands -- Time, Fortune, Sports Illustrated and others -- were better off under current management.
Since taking over, he has sought to emphasize the digital growth of its lifestyle titles: RealSimple, InStyle, Cooking Life and Southern Living, among others.
Time also has started new digital platforms that have little or nothing to do with its flagship publications.