Hundreds of Layoffs Hit Time Inc. at All Levels

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Time Warner is getting ready to spin off its publishing business, Time Inc., into a stand-alone company, and it's reportedly cutting hundreds of jobs in the process, from high-ranking executives on down. The New York Post reported that some 500 of the company's 7,800 people would be shown the door on Tuesday, many of them made redundant after Time Inc. bought American Express Publishing (which produces Travel + Leisure and Food & Wine, among others) last September. That number includes American Express CEO Ed Kelly, who had been with the company for 25 years, the Post reported. Time Inc. executive vice president David Geithner (Timothy's brother), of the style and entertainment group that publishes People, is also reportedly leaving. This is the second winter in a row the company has seen such large-scale cuts. Let's hope it doesn't become routine.