Time Inc. Update: Buyout Packages, ‘Hard Look’ At Unprofitable Titles, Some Departures

The Time Inc. news is coming in fast and furious.

First: at least there will be decent severance. Both guild and non-guild employees are being offered two weeks’ pay for each year of service, while employees based in New York State will get 13 weeks pay on top of that. (Media Decoder)

Second, though we’d heard that no titles would be closed, Time Warner CEO Jeff Bewkes said during today’s conference call that Time Inc. “will continue to take a hard look at our least profitable titles.” (TheWrap)

And our colleagues at FBNY have found that the American Express-owned custom pub Fortune Small Business is being shuttered, resulting in one person’s loss of a job update: ELEVEN, not one (source) and one freelance writer’s main source of income: Malika Zouhali-Worrall, who says on her web site that she “mainly” writes for FSB and CNNMoney, FSB’s online arm, announced via Twitter that she’s “officially been initiated into the sad world of the dwindling news industry.”

Fourth: Time Inc. has just filed with the New York State department of Labor announcing that it plans to cut 280 people in the state between now and Jan. 31. (Media Decoder)

Fifth (added 2:35 pm): Eighteen people have been dismissed at Essence, including “the entire web team,” we hear. (Source)