Massive Job Cuts At Newsweek

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By Neal

NewsweekIs Time Inc. next?

Shortly after 1pm yesterday, word leaked out of a massive exodus at Newsweek. In short: More than 100 staffers accepted a buyout from Newsweek. The departing names include David Gates, David Ansen,Cathleen McGuigan and all of the magazine’s chief researchers. Over at Radar, Charles Kaiser writes:

146 staffers were offered the chance to leave the magazine, with as much as two years of their current salary as a departing bonus, depending on their age and length of service. The package also includes pension sweetners and the chance to continue health insurance coverage until the age of 65. More staffers than expected accepted the offer, so at least some their jobs are likely to be filled by new hires. But dozens of positions will be eliminated permanently.

The news isn’t so great at Time Inc. either. Nat Ives reported in Ad Age that the company’s quarterly management meeting left many with the impression that massive job cuts are coming up in the near future.