Time Slashes 100 Jobs
Magazine's cuts are 'across a variety of functions and geographic areas.'
As part of an annual regulatory filing with the U.S. Securities and Exchange Commission, Time Warner on Friday indicated plans to cut more jobs from its magazine publishing division during the first quarter.
In an e-mail to FOLIO:, Time Inc. spokesperson Dawn Bridges indicated that the decision affects less than 100 staffers, and that many of the layoffs happened over the last four months. The cuts, she wrote, are â€śacross a variety of functions and geographic areas.â€ť No specific publishing groups or magazine titles have been shut down.
In an interview with FOLIO: late last month, Time Warner declined to comment about continued speculation that the company was looking to sell its Southern Progress magazine group in whole or in individual parts.
According to the financial report, Timeâ€™s publishing division will see a restructuring fee of $10 to $20 million as a result of the job cuts. Last year, the division incurred a $67 million restructuring fee, due mostly to the shuttering of Life, the report says.
The announcement comes on the heels of new Time Warner CEO Jeff Bewkes remarks during a conference call that the company may sell its struggling AOL business and spin off more of its cable unit. During the call he downplayed speculation of a sale of its Time Inc. publishing division.