Jobs cuts at Time Inc. ahead of spinoff
NEW YORK (AFP) - Magazine publisher Time Inc. is cutting staff and consolidating operations ahead of a spinoff as an independent company, according to an internal memo.
The memo seen by AFP did not specify the number of jobs, but some reports said the figure would be around 500, or six per cent of the workforce.
The moves come ahead of a spinoff of the magazine division by media conglomerate Time Warner, which is to be completed in the second quarter, according to updated guidance Wednesday in a Time Warner earnings release.
"Today, we are beginning a restructuring process that will move us in the right direction by: eliminating our three brand operating clusters; streamlining decision-making across the entire organization; and completing the integration of American Express Publishing," Time Inc. chief Joe Ripp said in the memo to staff.