Time Inc to slash hundreds of jobs
- IPL spot-fixing case: Net widens, police watching 3 more players, other bookies
- IPL 2013 LIVE SCORE: Regular wickets keep Sunrisers Hyderabad in the hunt
- Sonia Gandhi, PM Manmohan Singh slam BJP for disrupting Parliament, stalling bills
- IPL spot-fixing: 'Bookie' Vindoo was close to BCCI chief's son-in-law, say cops
- Jessica Lall case: Shayan Munshi to face perjury trial
Time Inc. said it was cutting several hundred jobs as the US publishing giant streamlines to adapt to a "multi-platform" media landscape.
Laura Lang, chief executive at the media unit of Time Warner, said yesterday that the group was "beginning the painful process" of cutting "approximately six per cent" of
its 8,000 staff positions worldwide.
"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," she said in a memo to staff.
"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."
The company publishes 21 US magazines including its flagship Time magazine, People, Fortune and Sports Illustrated.
It 25 websites and several international magazines including global editions of Time and Fortune and publishing operations in Britain and Mexico.
Lang said the job cuts would "come from all areas of Time Inc. across our locations -- both domestic and international" but offered no further details.
The move comes just months after Time magazine's longtime rival Newsweek said it would end its print edition and go all-digital as part of its partnership with the Daily Beast website.
The publishing industry has been grappling with a steep drop in print advertising revenue, steadily declining circulation and the migration of readers to free news online.
- Fixing probe now reaches Bollywood, son of Dara Singh held
- BCCI cashes Pune Warriors guarantee, 'disgusted' Sahara walks out of IPL
- Sreesanth spent Rs 1.95L on clothes, bought friend BlackBerry, paid in cash: Police
- Delhi firm with MoD as client is linked to Pak cyberattacks
- After Infosys, iGATE sacks Phaneesh Murthy for sexual misconduct
- 2 weeks after harassment, Haryana schoolgirls return, cops in tow