Time Inc. employees can breathe a sigh of relief knowing that they will not find a pink slip in their stocking this holiday season. Jack Griffin took on the CEO role at the end of September and is closing out the calendar year by assuring all of Time’s 8,000 workers that they will be retained for 2011. Keith Kelly of NYPost.com adds that Griffin will not sell any of the company’s domestic or international magazine divisions.
Griffin publicly quelled the rumors that Time will sell London-based IPC Media and asserted his confidence in the future:
Definitively, we have no plans to divest any of the brands in our stable, either domestically or worldwide. We’re doing well over $600 million in revenues internationally and we’re going to seek to build on it.
The CEO’s good news will be toasted tonight at Time Inc.’s holiday party as 1,200 people are expected at Sixth Avenue’s Time & Life Building.