Time Inc., the publishing unit of Time Warner, (TWX) announced yesterday that nearly 300 of their staff will lose their jobs in a restructuring plan that will dismantle much of the news-gathering operation orinally founded by Henry Luce, according to this WashingtonPost.com article.
The employees got about a weeks notice that jobs would be cut and they have been preparing as best they can. The company plans to eliminate jobs through a combination of voluntary buyouts and mandatory layoffs.
Publications effected will be Time magazine, Sports Illustrated, and People magazine with Time magazine fully closing its Chicago, Atlanta and Los Angeles bureaus, although they are keeping three correspondents in L.A. connected through a "laptop" system.
People will close its Washington, Miami, Chicago and Austion bureaus and will switch regional coverage over to seven newly created reporting positions.
Time has been scaling back staff over the past year and between December of 2005 and December of 2006 they eliminated 600 positions and is close to axing 500 more. They will accomplish this through the sale of 18 smaller magazine titles such as Parenting and Baby Talk.
Read the about the restructuring plan in the full article here.
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Tracked on: January 19, 2007 8:49 PM | Permalink to Trackback