Time Inc. Hit With Huge Layoffs

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As feared, mass layoffs are starting at Time Inc., including editorial cuts at top titles like People and Time, where a voluntary buyout period could be followed by the much-sharper ax. CEO Laura Lang said in a memo to staff today that 6 percent of the company's 8,000 employees, or about 500, have to go in the struggle to be a "leaner, more nimble and more innately multi-platform" publisher. The company is already down some 4,000 people in the last five years.