Stephanie Clifford reports that as its parent company Time Warner prepares to report its third quarter earnings next week, the magazine publisher is expected to announce that it will cut $100 million in costs. Anonymous sources told Clifford these cuts will “come largely from layoffs,” although a union rep said he hadn’t heard of any coming next week. (A number of Time Inc. employees are covered by a union contract.)
$100 million is a lot, but not compared to what Time Inc. is predicted to report in decreased revenue during the third quarter. As Clifford writes:
“Michael Nathanson, an analyst at Sanford C. Bernstein & Company, said that he expected third-quarter revenue at Time Inc. would fall about 19 percent, to $900 million.”
Time Inc. to Cut $100 Million; Extensive Layoffs Are Expected –New York Times
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