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Staff Out of Time: Cutbacks Begin at Top, Dozens More to Come (NY Post / Media Ink)
The cutbacks began Tuesday as expected at Time Inc. and they took a heavy toll among some of the top-echelon executives as the magazine publisher abolished its three-cluster system centered around brands and put everything into one pot. One source said that while the number of cuts did not hit 500 on Tuesday, that was only because a lot of the pink slips will rain down over the next several weeks or months as the reorganized company makes moves to be spun off from Time Warner. FishbowlNY Time Inc. employs about 7,800 people. Should the 500 number be correct, it will be about the same as the massive cuts implemented by Laura Lang — the publishing house’s former CEO — about a year ago. Ad Age / Media News Tuesday’s layoffs mark the second downsizing at Time Inc. in a year. But the latest round of cuts comes as Time Inc. prepares to spin off from parent Time Warner into its own public company and are seen as a way to make the company more attractive to Wall Street. WWD / Memo Pad On Thursday, CEO Joe Ripp will meet with senior leadership to discuss “priorities” for the next several months, and he will conduct “town hall meetings” with current employees. On a slightly brighter note, the company said it promoted Mark Ford to executive vice president of advertising sales, where he will report to Ripp and oversee Time Inc.’s branded solutions division.