Time Inc. Slashes 500 Jobs, May Sell NYC Headquarters
Time Inc., the publisher behind People, In Style and Sports Illustrated, has slashed some 500 jobs in a round of cutbacks and changes that could include the sale of its iconic building.
"With the significant and ongoing changes in our industry, we must continue to transform our company into one that is leaner, more nimble and more innately multi-platform," said CEO Laura Lang, in a memo to staffers on Wednesday (via Ad Age).
"To make this change, we need to operate as smartly and efficiently as possible to create room for critical investments and new initiatives. These reductions are part of this important transformation process," she said.
The company's staff has shrunk by the thousands over the past six years, totaling about 8,000 before Wednesday's layoffs kicked into motion, according to Ad Age.
Meanwhile, Reuters reports Time Inc's parent company Time Warner (which also owns CNN and HBO) is looking at possibly selling its iconic headquarters, the Time Warner Center, in New York City.
Lang stepped aboard Time Inc. two years ago, calling upon Bain & Co. consultants to run a comprehensive review of the publisher previously led by Ann Moore.
Time Inc., whose third-quarter revenue slipped 6.2 percent from the year before to total $2.5 billion, will release its fourth-quarter earnings on Feb. 6.