After multiple rounds of cuts, Time Inc. is apparently set to take the ax to its newly independent stable of magazines once more.
The company has been fully spun off from Time Warner, and is set to start trading on the New York Stock Exchange on Monday, but, though it remains a magazine powerhouse, Time Inc. is struggling to counteract seemingly inexorable declines in revenue and circulation.
The answer, it seems, is to cut even deeper into an already bleeding organization. Time Inc. laid off hundreds of employees in 2013 and earlier this year. But the New York Times reported Monday that CEO Joe Ripp has told editors that he expects further "deep cuts in staffing and other areas — totaling 25 percent of editorial costs — in the coming months."
Some titles, such as People, appear to have already started with their layoffs.
Time Inc. is also set to leave its longstanding home, the Time-Life Building, for a cheaper downtown pad.
All of these decisions—right down to the real estate swap—mirror the choices that the newspaper industry has taken with its struggling products over the past decade. The cuts haven't done much to stem the decline there.