"Bloody Thursday" At Time Inc: "Layoff Queen" CEO Ann Moore Fires 289 Employees...
Reuters, the New York Times and AdWeek have it confirmed: U.S. publishing leader Time Inc. has begun its second round of layoffs in less than a month. Today's cuts include widespread casualties at the publisher's top magazines, including number one title People, which will shut down its bureaus in Washington, Miami and Chicago. An employee in one of the now-defunct bureaus told the Times' Katharine Q. Seelye that the news was announced by People managing editor Larry Hackett over a speakerphone, leaving employees "shell-shocked." The total cuts, which also include staff at Time and Sports Illustrated, will number between 250 and 300, approximately 2% of the company's worldwide staff of 11,000. The layoffs will allow the company to restructure its costs as it looks to invest more heavily in internet properties. In a statement, the company called the job cuts "part of the necessary restructuring of our business as we continue to transform into a multi-platform publisher."
Eat The Press | Melissa Lafsky | January 18, 2007 11:21 AM