• by Ray Schultz , Columnist, January 24, 2024

Time Magazine has joined the growing roster of publications to experience staff cuts this month. 

“We have made the difficult decision to eliminate roles today across several departments including editorial, tech, sales and TIME Studios,” Jessica Sibley, CEO of Time, writes in an email to staff. 

This reportedly impacts 30 staff members.

The individuals affected “have already been communicated with by their managers and our HR team, who will closely support them through this period of transition,” Sibley says.

The number is relatively minor compared to some periodicals. For instance, Los Angeles Times has eliminated roughly 115 jobs. 

And, the Arena Group announced a "significant reduction in its workforce" impacting more than 100 employees of such iconic publishing brands as Sports Illustrated, TheStreet, Parade, and Men’s Journal.

“I am confident that the team structure we now have in place is the right one for our organization. I am grateful for your commitment to TIME and the value each of you bring to our business each and every day,” says Sibley.

These actions “have moved us considerably closer to being a profitable company, an achievement we must reach to realize Time’s full potential,” Sibley states.

Sibley adds: “We must continue increasing our revenue while managing operating costs efficiently. Over the last 12 months we have diligently reduced our expenses. There is still more work to be done.”