Time Inc. CEO Ann Moore sent out a memo to employees late yesterday outlining a massive overhaul of the company's editorial and publishing operations, after the Times revealed that the company would be laying off nearly 600 people. The various publications and Websites will be streamlined, with staffers performing the same task for potentially multiple platforms. From the Times:
Time Inc.’s 24 magazines in the United States and their Web sites will be organized into three divisions: news, which will include Fortune, Money, Time and Sports Illustrated; lifestyle titles, which include Real Simple, Cottage Living, Coastal Living and Southern Living, among others; and style and entertainment, which includes People, InStyle and Entertainment Weekly, which has suffered a severe downturn and is likely to be whittled down under the new structure.
Additionally, there will be an increased focus on the Websites of each of their flagship brands, like Time, Sports Illustrated, and People. It's not yet clear which staffers will be part of the massive cut, which will eliminate roughly 5 percent of the company's worldwide workforce.
Over at the Post, Keith Kelly has a good rundown of which executives won out in this change and which ones lost. In the latter category fell Time publisher Ed McCormick, who abruptly announced his retirement yesterday. He left with a snide comment for current management: "There's nobody in the world I enjoyed more than [former editor in chief] Jim Kelly," McCarrick pointedly told the Post. "I mean no offense to [current editor in chief] Rick Stengel." Snap!