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Time Inc. cuts 500 people, 6 pct of workforce
Wednesday - 1/30/2013, 2:45pm EST
NEW YORK (AP) - Time Inc., the magazine unit of Time Warner Inc., says it is cutting 6 percent of its global staff of 8,000, or about 500 people.
The cuts began Wednesday and will affect domestic and international workers.
In a memo to staff, Time CEO Laura Lang said the company must become leaner, more nimble, and operate on multiple platforms. She said operating more efficiently will create room for critical investments and new initiatives. The unit publishes magazines such as Fortune, InStyle, People, Real Simple, Sports Illustrated and Time.
Time Warner is expected to release its fourth-quarter earnings next Wednesday.
In recent years, Time Inc. has been a drag on corporate-level results and revenue from the magazine unit hasn't recovered from the recession as advertisers continue to shift money out of print formats and onto digital ones.
In 2008, the publishing division took in $4.6 billion in revenue, the same year it booked a one-time impairment charge that resulted $6.6 billion loss for the unit.
According to a survey by FactSet, analysts expect Time Inc.'s magazines to post 2012 revenue of $3.5 billion when the company releases financial results next week. They see revenue declining to $3.3 billion in 2015.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)