Time Inc preparing for more job cuts in 2014
10 December 2013
More job cuts could soon hit Time Inc, according to Adweek. Company executives informed their top 300 managers of the potential cuts at a quarterly meeting yesterday.
The warning came during a question-and-answer session with Time Inc's newly appointed chief content officer, Norm Pearlstine. Asked by Time Magazine managing editor, Nancy Gibbs, as to whether there will be layoffs, Pearlstine answered "yes" and said the decision would be a difficult one.
"He spoke compassionately," said one Time Inc staffer who attended the meeting.
Time Inc, publisher of magazines such as People and Sports Illustrated, began the year by cutting about 5% of its workforce - about 500 positions - in its biggest staff reduction since 2008. It is entering 2014 preparing for its spinoff from parent company Time Warner.
Third-quarter revenue at Time Inc decreased by two percentage points to $818 million, having suffered a decline of four percentage points in subscription revenues and drop of two percentage points in ad revenues.
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Luke Cloherty, London