Time, company sources say, is on track to earn a profit of more than $50 million this year. Rick Stengel, Time
managing editor, has trimmed the roughly 200-person staff by a quarter over four
years, relying more on freelancers, and has assembled a team of high-profile writers. These include Michael Grunwald, David Von Drehle and Pulitzer Prize winner Barton Gellman. Stengel also brought
in Mark Halperin from ABC, Michael Crowley from the New Republic and, most recently, Fareed Zakaria from Newsweek.
After being locked for decades in a Coke-Pepsi race, Time and
Newsweek both decided to downsize. Time has shrunk its circulation from 4 million to 3.25 million. Time.com now offers a news feed, a collection of links aimed at stopping such sites as
The Huffington Post from cannibalizing its traffic. The company plans to offer tiered pricing for access to the Web site, the magazine or something in between. Another upgrade is the Swampland blog,
with reporters such as Joe Klein contributing.
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