Though Time Inc. CEO Ann Moore is trying to keep the numbers quiet, the New York Times reported yesterday that they’re aiming at cutting $100 million in costs, a goal they’ll achieve largely through staff reduction. Keith Kelly hears that’s going to translate to about 540 people losing their jobs. That’s about the size of the cuts the company announced last year when they chopped 6 percent of their workforce. It also dwarfs Condé Nast’s recent headline-making cuts. Kelly reports that the layoffs will be spread over the next two weeks, and workers who have union contracts will at first be offered buyouts. But the goal is to give a swift boost to the balance sheet for the fourth quarter, and if the buyouts don’t reach the desired reduction, union workers will be cut, too. Happy Thanksgiving!
It’s pink slip Time [NYP]
Time Inc. to Cut $100 Million; Extensive Layoffs Are Expected [Media Decoder/NYT]