Four percent doesn’t sounds like a terribly huge figure, but that all depends on your starting amount. And for Time Inc., that figure represents 300 or so employees across the company who will leave or lose their jobs in a round of just-announced buyouts and layoffs.
The cuts come after the company decided not to sell itself and a Q1 earnings report that showed a significant drop in revenue. When the earnings report came out, Time CEO Rich Battista warned of cost-cutting measures the company would undertake. At the time the report was released, it was a dividend reduction. And now, here go the jobs.
The Post’s Keith J. Kelly reports that “the company’s London-based IPC magazine group, the New York editorial ranks and the Tampa, Fla.-based Time Customer Service Center were said to be among the hardest hit.” Kelly reports that buyouts represent 40 percent of the job cuts, leaving layoffs as the majority of cut positions.
Among those headed out is Fortune senior writer Mathew Ingram, who tweeted the news.
This won’t represent the last of Time’s efforts to save money, which may include future title sales but not additional staff cuts, according to what Battista told WWD’s Alexandra Steigrad.