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Executives “met with editors of Time Inc. publications last week and told them they were expected to make deep cuts in staffing and other areas — totaling 25 percent of editorial costs — in the coming months,” David Carr and Ravi Somaiya report in The New York Times. The company, focused on magazines, begins trading publicly as a spinoff Monday.
The cuts reflect Chief Executive Joseph Ripp’s plan to cut “costs in a culture where liquor carts once rolled in the halls and stories were chased all over the globe at great expense,” Carr and Somaiya report.
Edmund Lee reports in Bloomberg that “people familiar with” Time Inc.’s plans say it “is also looking for areas in which it could further cut costs, including staffing.”
The company announced about 500 job cuts in February; “we must continue to right-size the organization consistent with our current revenues,” Ripp wrote in a memo at the time. He continued:
We will constantly readjust and recalibrate as we build our future. As I have frequently said in conversations with many of you, we can continue the recent pattern of annual layoffs for years to come or we can get ahead of and then reverse this trend by developing the investment capital and the ideas to restore our business.
Related: More than 40,000 magazine jobs vanished in the last decade
