The trickle of layoff info became the Rio Grande today at Time Inc., as the company elimated 289 jobs in its most extensive round of cuts since announcing its restructuring last year.
Time Inc. chair Ann Moore said in a memo to employees that the cuts “were necessary to sustain our progress.”
The 289 breakdown: 117 business side; 172 editorial, 86 of which Time Inc. hopes will be voluntary buyouts.
The cuts represent 2.8 percent of Time Inc.’s workforce.
Time is shuttering its Atlanta, Chicago and L.A. bureaus; People will shut down four: Austin, Chicago, Miami and Washington.
Via AdAge: “Time magazine’s regular 10 a.m. meeting was canceled in favor of an all-hands gathering later on, leaving staffers to worry and wait. The word in the end was that the newsweekly will lose 40 or more spots, of which it hopes 31 will be volunteers.”
Said Moore: “You will continue to hear much speculation about our company in the press, so I encourage you to stay focused.”
January 18, 2007
To: Time Inc. Staff
From: Ann Moore
Re: Staff Announcement
As you all know, the past year has been a time of transition at Time Inc. While we continue to invest in our core magazines, we are also focused on transforming our workforce and broadening our digital capabilities in order to become a truly multiplatform publisher.
We’ve made a lot of progress. Many of our web sites have matured into strong and popular brand vehicles, while others are relaunching new designs with fresher content. Meanwhile, our magazines continue to be some of the most popular and relevant titles on the newsstand today. But progress brings change and we need to continue to evolve to meet the cost pressures and challenges presented by our rapidly-shifting industry.
Today I need to share with all of you that we are announcing layoffs throughout the organization. These layoffs, which are in several business areas and on both the edit and publishing sides of a number of titles, are part of a restructuring necessary to sustain our progress. You will continue to hear much speculation about our company in the press, so I encourage you to stay focused. I know this is a difficult time for all of us it’s never easy to see talented colleagues leave. Difficult times also bring opportunity, and I believe we have enormous potential for innovation and growth. I speak for the entire management team when I say we appreciate your hard work and dedication.