After multiple rounds of cuts, Time Inc. is apparently set to take the ax to its newly independent stable of magazines once more.
The company has been fully spun off from Time Warner, and is set to start trading on the New York Stock Exchange on Monday, but, though it remains a magazine powerhouse, Time Inc. is struggling to counteract seemingly inexorable declines in revenue and circulation.
The answer, it seems, is to cut even deeper into an already bleeding organization. Time Inc. laid off hundreds of employees in 2013 and earlier this year. But the New York Times reported Monday that CEO Joe Ripp has told editors that he expects further “deep cuts in staffing and other areas — totaling 25 percent of editorial costs — in the coming months.”
Source: Huffington Post Media | Jack Mirkinson