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.

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.

 

FAQs

Email

If you have any questions or concerns please email us on support@news.net

Phone

  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.

Cancel