The publisher has also offered buyouts to about three dozen editorial employees represented by the Guild, who have until Feb. 13 to make a decision. Time employs about 13,000 people.
Forty business-side employees and 26 non-Guild editorial employees were let go, according to Ali Zelenko, director of communications at Time. She would not comment on reports that two of the titles most affected by the layoffs are Time and Money.
“It’s not just about cost-cutting, but managing growth and focusing on higher growth areas,” she said.
In December, Time cut 105 employees as part of a major reorganization. The publishing giant has long been considered by some observers to have a top-heavy management structure.