• Folio, Monday, November 3, 2008 10:45 AM

When Time Inc. CEO Ann Moore took the stage to deliver the keynote address at this year's ABC Circulation Conference on Friday at New York's Waldorf-Astoria, she was quick to acknowledge the elephant in the room, and adjust accordingly. "Given the news of Time Inc.'s latest reorganization...I've changed my remarks for this morning," she said.

Moore attempted to walk attendees through the reasons behind the massive reorganization. "By this October, it was looking like 1931," she said. "[Time Inc.] has never had so many advertising clients in trouble at the same time. The declines are stunning." Moore added that she didn't care whether economists decided that the economy was technically in a recession or not, because a recession had hit Time Inc.

The result of the move would be a more centralized Time Inc. The one thing she didn't say: how many employees will ultimately lose their jobs.

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