TVNewser FishbowlDC AgencySpy TVSpy LostRemote PRNewser SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

Layoffs Expected As Time Inc. Looks To Shed $100M

time inc.jpgWe had hoped that there would be no more bad news this week. But rumors of impending layoffs at Time Inc. have gained steam throughout the week, with the latest news coming from The New York Times.

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 ExpectedNew York Times

Earlier: Time Inc. Staffers Next On The Chopping Block?

Mediabistro Course

Freelancing 101

Freelancing 101Starting August 18, learn how to manage a top-notch freelancing career in our online boot camp, Freelancing 101! Through a series of weeklong webcasts, you'll hear from freelancing experts who will teach you the best practices for a solid freelancing career, from the first steps of self-advertising and marketing, to building your schedule and securing new clients. Register now!