Time Inc. Will Announce Layoffs Next Week, $100 Million Savings? This Could Be Big
Time Inc. is going to announce cost-cutting measures next week to save $100 million, including more layoffs, the New York Times reports.
Since 2004, the company has reduced expenses by $800 million, including laying off 6 percent of its workforce—600 people—a year ago. But the company reports earnings next Wednesday and needs to make the shareholders happy.
A “number” of Time Inc. employees are union-covered, which will give them severance in the event of a layoff, Bob Townsend, local representative for the guild, told the Times.
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