Keith Kelly Distilled

As People magazine celebrates Johnny Depp as the "Sexiest Man Of The Year" (again), everything is not well in the state of People's publisher Time Inc. The company is still looking to trim $100 million from its budget through layoffs and buyouts, which could include up to 90 editorial positions at Fortune, Sports Illustrated, Time magazine and Money.

According to Keith Kelly in today's New York Post, layoffs at Time are only a hair away, as the publisher should find out today how many people from their titles have stepped forward to accept buyouts.

Kelly already has the name of one high-ranking staff member who is gracefully bowing out of the competition: Fortune managing editor Steve Koepp, who has worked at Time Inc. for 29 years, will be taking one of the buyout offers. Another top Time Inc. editor, Time.com managing editor Josh Tyrangiel, has also removed himself from the staff, by accepting the top editor position at BusinessWeek. Fortune is looking to layoff 40 staffers compared to 12 at Time magazine, Kelly reports. (We're hearing the number at Fortune might actually be closer to 25.)

Time Runs Out For Buyout Volunteers; Layoffs Loom -- New York Post

Previously: First on FBNY: Time Inc. Shutters Custom Pub Fortune Small Business, Time Inc. Layoffs: Sports Illustrated Hit First, More To Come

Editor-in-chief Steve Adler has already departed BusinessWeek in lieu of the Bloomberg takeover, but are more staffers following suit? Executive editor Ellen Pollock is on her way out, according to The New York Post, and other executive editor John Byrne is moving to San Francisco, though, as an anonymous employee pointed out, doesn't mean he's leaving the BusinessWeek family. Is Bloomberg that bad to work for, that editors are leaving their cushy gigs out of defiance?

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