Layoffs Expected As Time Inc. Looks To Shed $100M
We had hoped that there would be no more bad news this week. But rumors of impending layoffs at Time Inc. have gained steam throughout the week, with the latest news coming from The New York Times.
Stephanie Clifford reports that as its parent company Time Warner prepares to report its third quarter earnings next week, the magazine publisher is expected to announce that it will cut $100 million in costs. Anonymous sources told Clifford these cuts will “come largely from layoffs,” although a union rep said he hadn’t heard of any coming next week.
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