Rumors of layoffs at Time Inc. have been swirling for weeks, and last night and today some information was revealed. The company officially filed with the New York State Department of Labor, “to give notice that it has planned 280 layoffs in the state between Nov. 2 and Jan. 31,” reports the Times‘ Stephanie Clifford.
The PR team at Time Inc. needless to say has their hands full, and they have already been called out by Clifford for not providing accurate information. A Time Inc. spokesperon told PRNewser that the company, “is not planning on issuing any type of written document,” but of course has been fielding a variety of press requests.
FishbowlNY first reported today that the company will shutter Fortune Small Business and also reports, “a majority of the layoffs are expected to come from the news division, which includes Time, Fortune and Sports Illustrated.” The layoffs come on the heels of parent company Time Warner’s Q3 earnings, which were better than expected, as the cable division (CNN, TBS) somewhat made up for the slump in ad revenue at Time Inc. Nonetheless, Time Warner posted a 38% decline in quarterly profit, leading some to wonder if they will be looking to “scrap” Time Inc. altogether.