Time Inc.’s long, rough summer continues
August 23, 2016
What exactly will be the future for Time Inc.?
Spun off from Time Warner two years ago, the company has been trying to find its footing ever since. Like so many magazine publishers, it’s lurching awkwardly into the digital age, struggling to maintain its increasingly meager print advertising while finding it’s nearly impossible to make up for those losses online.
This summer, Time Inc. has been strategically repositioning itself to focus more on digital, which has led to a management shakeup on both the editorial and advertising side. Time Inc. appointed a new chief content officer and a new head of digital sales.
And it’s also led to two rounds of layoffs this month. The first took place just a few weeks ago, when the company eliminated more than 100 jobs. Now comes word, via Politico, that another few dozen positions are on the block.
Will Time Inc. go on the block?
Why the cuts? Saving money is obviously one motivation for a company that saw second-quarter revenue fall 0.5 percent and cut its outlook for annual growth.
But the editorial and advertising overhaul and the move to cut costs also have led to rumors that Time Inc. may put itself on the block, but there’s been no formal move in that direction.
Time Inc. has not confirmed the number of jobs eliminated or what departments they were in, but as usual, Twitter proves a source of information.
Sports Illustrated writer Don Banks tweeted, ““I’ll be leaving the SI staff on 9/2. Ironically enough, after all these years of NFL coverage, turns out I’m a bit of a salary cap cut.”
Deadspin says Thayer Evans, a college football writer, was another casualty.
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