Time Inc. is reportedly planning to slash hundreds of jobs, the New York Post's Keith Kelly exclusively reported on Thursday.
Sources told Kelly that the first round of layoffs, which were originally expected to hit last week, had been pushed back till next month. He wrote:
One source said the publishing giant is looking to shave $100 million in costs by cutting between 500 and 700 jobs, which would be the largest set of layoffs in memory.
Publishing giants across the industry have made several cuts as of late. The first week of December proved particularly gruesome as a number of media outlets announced significant layoffs.
The New York Times offered buyouts to 30 staffers. Newsweek began what is expected to be significant cuts, due to the publication ending its print magazine and transitioning to an all-digital platform. The Cleveland Plain Dealer announced its plans to cut about the third of the newsroom staff, and the Guardian revealed its plans to cut 68 jobs across various titles.