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Layoffs Ahead at Time Inc. (Capital New York)
Time Inc. staffers were informed Monday that layoffs lie ahead in the New Year, Capital has learned. The publishing giant has implemented cuts in recent years while reining in costs. Less than a year ago, 500 jobs were slashed from the company, which owns magazines including Time, Sports Illustrated and People. During Time Inc.’s quarterly management meeting Monday morning, which convened the company’s top executives and other high-level employees, chief content officer Norm Pearlstine confirmed during an interview with Time managing editor Nancy Gibbs that the cuts will continue next year, according to three sources who were present. Ad Age / Media News Contrary to a report over the weekend, the spinoff is still on track for the second quarter of 2014, according to Time Inc. CEO Joe Ripp, who appeared at the meeting along with Pearlstine and CFO Jeff Bairstow. minOnline In third-quarter 2013, Time Inc. revenue fell to “$813 million from $838 million [in third-quarter 2012], which is part of a pattern that extends back at least to 2008,” according to a recent document filed with the Securities and Exchange Commission that was a preliminary to the initial public offering. Adweek Fortune has a meager online presence, having been a channel of JV partner CNNMoney.com over the course of their eight-year partnership. (Fortune doesn’t say what its dedicated traffic is, but one person familiar with the business estimated it to be around 2 million monthly uniques.) Come next May, that partnership is set to dissolve, leaving Fortune on its own to start a new financial news website.