About 30 editorial employees at Time, Sports Illustrated, Fortune and Money have accepted voluntary buyout packages, more or less meeting Time Inc.’s target and putting an end to the recent round of job cuts.
Largest U.S. publisher
Time Inc., the country’s largest magazine publisher, fired 66 business and editorial staffers Jan. 30 and offered the voluntary buyouts to others protected by union membership. Union members had two weeks -- until Feb. 13 -- to decide whether to accept. In sum, Time Inc. eliminated nearly 100 jobs in this latest round of cuts.
This round followed a more shocking bloodletting in December as Chairwoman-CEO Ann S. Moore reorganized the company and let go 105 employees. That group included big names and top talent like Eileen Naughton, who had been president at the Time Group, and Richard Atkinson, who had been exec VP-news and information group. The company, a Time Warner unit, still employs about 13,000 workers.
Ms. Moore has said the job reductions were necessary to streamline the company and free resources for high-growth areas like Internet operations. (Office Pirates, a Web-only publication from Time Inc., is expected to go live Feb. 22.)
While Time Inc. is very profitable, mature titles like Time and Fortune have suffered slumps amid an uneven ad market.