TIME INC. CUTS DEEP INTO TOP MANAGEMENT
Layoffs Sweep Through Highest Executive Levels
TIME WARNER REPORTS $897 MILLION THIRD-QUARTER EARNINGS
Strong Results Give Management Ammo Against Carl Icahn Cable Plan
TIME INC. SHRINKS DETROIT OFFICE
Reorganization Puts Tim Hildebrand in Charge
TIME INC. RESHUFFLES BUSINESS-SIDE MANAGEMENT
Three New Magazine Groups Formed
The company does not anticipate, however, further cuts this quarter, according to an executive there. Earlier today, Time Inc. insiders said 80 staffers were expected to be cut.
Today’s cuts included 26 editorial employees who were not members of the union there and 40 business-side staffers. The guild members who were offered voluntary buyouts have until Feb. 13 to decide whether to accept. The company declined to identify those employees sent packing today but said they do not include top-level executives like those who were let go in the round of layoffs in December. Some people will be replaced, but some will not; much depends on the response to the buyout offers.
Time Inc. employs a total of about 13,000 people.
Today’s layoffs come just a month after Chairwoman-CEO Ann S. Moore’s December company reorganization -- and culling of 105 employees, including 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 survivors were told to report to newly appointed chief operating officers, Nora McAniff and John Squires.
When Advertising Age asked Ms. Moore last month whether more cuts were pending, she indicated that they were. “I’ve reorganized my direct report,” she said. “Now you have to ask that question of Nora and John. This is going to be an ongoing process because we don’t have all the answers yet.”
Although Time Inc. is the country’s largest magazine publisher and owns some of the industry’s most powerful brands, including People and Real Simple, it lives under relentless pressure from parent Time Warner to improve its profits each year. That hasn’t been easy amid an unsteady ad market, the proliferation of competing media outlets and a slump at expensive heavy-hitters like Time and Sports Illustrated. What’s more, the company needs to find money to make sure its online operations can grow.