Time Inc. To Start Another Mass Layoff

Laura Lang, CEO of Time Inc.By Kim Bhasin

The layoffs at Time Inc. have begun.

Everyone knew they were coming and employees have been awaiting to learn their fate for months now.

About 6 percent of Time's 8,000 person staff will be cut -- that's around 500 employees.

"Time Inc. made deep staff cuts back in 2008 and 2009," wrote Lucia Moses at Adweek. "But in the third quarter of 2012, publishing revenues declined 6 percent, in part reflecting a 6 percent decrease in subscription revenues and 5 percent decrease in advertising revenues."

More: Sign Up For AOL Jobs' Newsletter

Back in January, pay raises were canceled across the board for 2013 as the company attempts to streamline itself, Keith J. Kelly at the New York Post reported.

Here's what Time CEO Laura Lang had to say to her staff in a memo:

Today we are beginning the painful process of reducing our global staff of 8,000 by approximately six percent. I first want to thank the people who will be leaving us for their years of hard work and dedication to the company. They are so much more than Time Inc. employees. They are good friends and trusted colleagues with whom we have worked closely. Losing them is going to be very difficult for everyone. They come from all areas of Time Inc. across our locations -- both domestic and international. I am grateful for their service and I know you join me in wishing each of them all the best.

With the significant and ongoing changes in our industry, we must continue to transform our company into one that is leaner, more nimble and more innately multi-platform. To make this change, we need to operate as smartly and efficiently as possible to create room for critical investments and new initiatives. These reductions are part of this important transformation process.

I know the coming days and weeks will be hard and I want to thank you in advance for your patience as we work through this period.

Laura


NY Times Says Layoffs On The Horizon



Don't Miss: Companies Hiring Now



More From Business Insider



Looking for a job? Click here to get started.



"Time Inc. made deep staff cuts back in 2008 and 2009," wrote Lucia Moses at Adweek. "But in the third quarter of 2012, publishing revenues declined 6 percent, in part reflecting a 6 percent decrease in subscription revenues and 5 percent decrease in advertising revenues."

More: Sign Up For AOL Jobs' Newsletter

Back in January, pay raises were canceled across the board for 2013 as the company attempts to streamline itself, Keith J. Kelly at the New York Post reported.

Here's what Time CEO Laura Lang had to say to her staff in a memo:

Today we are beginning the painful process of reducing our global staff of 8,000 by approximately six percent. I first want to thank the people who will be leaving us for their years of hard work and dedication to the company. They are so much more than Time Inc. employees. They are good friends and trusted colleagues with whom we have worked closely. Losing them is going to be very difficult for everyone. They come from all areas of Time Inc. across our locations -- both domestic and international. I am grateful for their service and I know you join me in wishing each of them all the best.

With the significant and ongoing changes in our industry, we must continue to transform our company into one that is leaner, more nimble and more innately multi-platform. To make this change, we need to operate as smartly and efficiently as possible to create room for critical investments and new initiatives. These reductions are part of this important transformation process.

I know the coming days and weeks will be hard and I want to thank you in advance for your patience as we work through this period.

Laura


NY Times Says Layoffs On The Horizon



Don't Miss: Companies Hiring Now



More From Business Insider



Looking for a job? Click here to get started.

Add a Comment

*0 / 3000 Character Maximum

67 Comments

Filter by:
Ol Bob

All these mass layoffs are making it hard for the book cooks.

February 01 2013 at 2:24 PM Report abuse rate up rate down Reply
YourFtr

Obama's Fault !!

February 01 2013 at 12:09 PM Report abuse +1 rate up rate down Reply
c.mertz

This is certainly not the end of the layoffs. Current administration policies are just beginning to have their effect.

February 01 2013 at 11:59 AM Report abuse +3 rate up rate down Reply
blank

Declining revenues. Declining subscribers. Declining advertisers. All the result of declining interest in listening to left wing twaddle.

February 01 2013 at 11:51 AM Report abuse +1 rate up rate down Reply
nc2879

The CEO wanted a raise...lets see, if we lay of 500 people that should just about cover it.

February 01 2013 at 11:31 AM Report abuse +2 rate up rate down Reply
thosholzel

Time Magazine could have been an American The Economist. (Back in the '60s and '70s it came close.) Instead, they went the progressive route--a popularized version of the NY Times. Wet-behind-the-ears and very smart-alacky college graduates replaced wise old heads. Every one patted themselves on the back for being so with-it, so clever, so socially aware. But, like all ideologicaly-driven drivel, the audience got tired of the being fed the same old pap. So creative destruction takes another victim. It won;t be missed.

February 01 2013 at 10:19 AM Report abuse +3 rate up rate down Reply
The Wise One

Another lying, Obama-Democrat shilling rag is about to bite the dust. Good riddance!

February 01 2013 at 8:52 AM Report abuse +4 rate up rate down Reply
findrobin

Yep the economy is just simply BOOMING isn't it. LOL. As the stock market reach's new highs and coporate profits break records more and more news of unemploement claims down some one is telling a bunch of BS lies. Apperently something bad is about to happen again real soon. Some bodys pants are on fore. America will prob pay the price even worse than we are now.

February 01 2013 at 8:43 AM Report abuse +3 rate up rate down Reply
rlcallaway

Time like most of the main stream media is so slanted to the left that none of their reporting has any credibility. They do not challenge Obama or any liberal politician or source but focus entirely on discrediting anyone who has a view different than theirs. They simply have lost touch with the country apparently thinking the extreme liberals they sourround themselves with represent the country. They will simply go bankrupt rather than change their editiorial policies.

February 01 2013 at 8:43 AM Report abuse +2 rate up rate down Reply
investrman

NO surprise.

Along with Time, Freightliner in NC is cutting hundreds of jobs now to. Many others are as well yet not reported in mainstream liberal owned media outlets.

February 01 2013 at 8:17 AM Report abuse +4 rate up rate down Reply

Search Articles

Top Companies Hiring

Week of Aug 17 - Aug 24
View All

Featured Writers

Meet the team

Picks From the Web