The rumblings of major Time Inc. layoffs started last week. Now — after Joe Ripp announced in a memo that Time Inc.’s brand groups were being eliminated — we have a number: 500. The New York Post reports that’s how many Time Inc. staffers will likely receive a pink slip today.
Time Inc. employs about 7,800 people. Should the 500 number be correct, it will be about the same as the massive cuts implemented by Laura Lang — the publishing house’s former CEO — about a year ago.
An insider told the Post that today was going to be “nerve wracking.” That has to be putting it lightly.