Time Inc. is officially its own company now, and with that, comes many questions. Is it smart to continue the print edition of Time? What about People? And if People — Time Inc.’s money maker — can’t produce, what hope do other titles have? Also, what about that $1.3 billion in debt? According to The New York Times, the publisher at least has an answer to that one — cutting editorial costs. By a lot.
Last week, Time Inc.’s execs met with editors and asked them to begin the process of cutting 25 percent of editorial spending. That means staffing cuts are coming by the bunches. “In almost every meeting with investors and employees, he [Time Inc.’s CEO Joe Ripp] reminds them that he is constantly reviewing staffing levels,” reported the Times. Hanging the hand of death over staffers is surely going to create a nice working environment.
Not that staffers are the only ones who are worried about the cuts. Ripp has told Time Inc. senior managers that it’s all on them to save their magazines. “I can’t fix it,” Ripp said, in meetings. “You have to figure out a way to fix it.” That, of course, brings up one more question — how do you make repairs with a half-empty toolbox?