The company, which is the country's biggest magazine publisher, has already laid off more than 400 people in the past 12 months as part of a restructuring effort designed to cut costs, streamline decision-making and direct resources toward high-growth areas such as the internet. It also shut down the print edition of Teen People and put 18 magazines up for sale.
Consultant McKinsey & Co. has been evaluating Time Inc. and is expected to deliver a recommendation to restructure its business to build out digital platforms next month.
The effort, to say the least, has not enamored Chairman-CEO Ann S. Moore to the rank-and-file, which still number around 12,000. An insider today said today's layoffs should be the last for the year -- although that was the unofficial word before today too.
Media Bistro's FishbowlNY reported the news first this afternoon.