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Time Inc. Buyout Packages Get Few Volunteers; Layoffs TK?

By Rachel Kaufman on November 18, 2009 9:41 AM

The buyout packages on offer at Time Inc.’s guild-covered magazines have attracted few takers, the NYP reports today.

Fortune magazine needs to cut about 40 employees, but only 20 have volunteered to leave; “Managing Editor Andy Serwer is widely expected to impose layoffs to make up the shortfall.”

At the Sports Illustrated group, 30 positions need to be cut and the NYP estimates that fewer than 30 people have signed up for the buyout.

Time will probably meet its 12-person goal.

No word from People or Money yet.

Tags: Andy Serwer

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