600 May Be Laid Off From Time Inc.

 

NEW YORK, NY (October 28, 2008) – There is a major reorganization coming for Time Inc. that could result in as many as 600 people being laid off, and the announcement is set to be made Tuesday evening, The New York Times is reporting tonight.

Time Inc.'s chairman and chief executive Ann S. Moore will make the announcement in a memo Tuesday, Tim Arango of The New York Times reports, and the layoffs will begin in two weeks.

According to the story none of Time Inc.'s 24 magazines will close but there will be severe cutbacks due to the current financial crisis in publishing and in the markets, and fears of a looming recession.

The Times says the magazines will be organized into three divisions: news, lifestyle titles, and style and entertainment titles.

Time Inc. is a division of Time Warner, which also owns CNN, Turner Broadcasting, HBO, AOL, and Warner Brothers movies.

Time Inc. has approximately 10,000 employees, with about 7,000 working in the States.

 

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