Time Inc. Plans More Job Cuts, Trims 'Fortune'
Time Inc., is preparing a new round of job cuts, say insiders. The reductions may take place in the next few weeks and will be smaller than previous job cuts. Time Inc. eliminated 600 jobs, then 6% of the workforce, in November 2008.
As part of the cost reductions, Fortune magazine will come out 18 times annually starting next year, instead of 25, say magazine executives. The publisher will spend more money on each issue, including on heavier paper and covers with a richer matte finish.
Operating income at Time Inc. dropped 53% in the second quarter on a 22% decline in revenue. Jeffrey Logsdon, a BMO Capital Markets analyst, estimates that the unit's revenue may have slumped another 15% in the third quarter. Parent company Time Warner plans to report earnings on Nov. 4.
Recent Around the Net In Media Articles
-
Phillips To Become 'Glamour' Publisher June 18, 5:50 p.m.
Masthead shuffle at Condé Nast: Connie Ann Phillips is returning to the company as publisher of ... -
Scripps, A&E Roll Out TV Everywhere Apps June 18, 5:50 p.m.
Three of A&E's channels -- the History Channel, Lifetime and A&E -- are launching Android apps ... -
MySpace To Stream 'Jimmy Kimmel Live' Music Sets June 18, 5:50 p.m.
In a partnership aimed at regaining "cultural relevance," the newly revived MySpace has signed a one-year ... -
WaPo Launching Paywall For Southern Maryland Papers June 17, 3:07 p.m.
The Washington Post Company is rolling out a paywall for its Southern Maryland Newspapers: the Maryland ... -
Martha Stewart Omnimedia Redesigns Flagship Pub After $3M Earnings Loss June 17, 3:07 p.m.
In the wake of $3 million in earnings losses in the first quarter, Martha Stewart Omnimedia ... -
Charter And Time Warner Deal Seen As Unlikely June 17, 3:07 p.m.
Charter Communications, mulling its acquisition strategy, has made overtures to Time Warner Cable. But "sources close ... -
How CNN's Jeff Zucker Is Changing Its Formula June 14, 3:05 p.m.
Under the leadership of president Jeff Zucker's, CNN is "readying a bevy of docuseries that could ... -
Viacom Launches Streaming, Social Apps For MTV June 14, 3:05 p.m.
Viacom is launching the first in a series of apps that will combine video and social ... -
Meredith Targets Moms With Mobile App June 14, 3:05 p.m.
A Meredith Corp. exec is bullish about the recent launch of its free Mom+ parenting app, ... -
Bauer Publishing To Launch Three Mags June 14, 3:05 p.m.
Bauer Publishing will debut three magazines in the U.S. this fall: Closer, a "hybrid of a ...
Be the first to comment on "Time Inc. Plans More Job Cuts, Trims 'Fortune' "
Leave a Comment