Time Inc., the nation's largest magazine publisher, announced a new round of layoffs and buyouts, affecting 300 positions or around 4% of the company's total headcount. Its shrinking headcount has
been a bellwether for the travails of legacy print publishers as ad dollars shifted to digital media over the last decade. - From https://www.mediapost.com/publications/article/302838/time-inc-cuts-300-jobs.html
Time Inc., the nation’s largest magazine publisher, announced a new round of layoffs and buyouts, affecting 300 positions or around 4% of the company’s total headcount.
CEO Rich Battista announced the cuts in an internal memo to staff late Tuesday.
In the memo, Battista framed the cost-cutting measures as part of the company’s larger ongoing strategic reorganization, as it struggles to make the transition from a legacy print publisher to a digital-first multimedia network, albeit with a substantial print component:.
At the end of 2005, the company employed around 11,000 people around the world; after the latest round of cuts, that number will have been reduced to around 7,150, for a 35% reduction over 11 years.
Total revenues for the publisher fell 7.8% from $690 million in the first quarter of 2016 to $636 million in the first quarter of 2017, due mostly to the decline in print ads, down 21% to $212 million, and circulation revenues, down 14% to $205 million.