According to Adweek, staffers at Time Inc. are awaiting news regarding layoffs. And as per a recent memo, bleak news was announced regarding bonuses.

Apparently Laura Lang, CEO, indicated in a memo that the typical three percent merit increase for employees will be eliminated.

Layoffs have unfortunately been in Time Inc.’s history the past few years. Since 2008, as per the piece, they had a reduction in force of more than 1,000 employees. Looming layoffs are anticipated to be in the hundreds as a result of continuous declines in revenue.

Although the memo indicated the company gained ad market share and outperformed the industry, the past year it lacked a chief consumer marketer. Stay tuned…