By Jennifer Saba
Jan 30 Time Inc on Wednesday began the process
of cutting about 500 jobs, about 6 percent of its total staff as
the largest U.S. magazine publisher grapples with challenges
beleaguering the print industry.
The layoffs mark the first major move made by Time Inc CEO
Laura Lang, who joined the company in January 2012.
"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," wrote
Lang in a memo to employees. The memo, a copy of which was
obtained by Reuters, disclosed the number of jobs affected on
The cuts will occur across the company, throughout both
business division and newsrooms. In addition to its namesake
weekly newsmagazine, Time Inc's publications include Sports
Illustrated and People.
Lang called the reductions "painful," but said they were
necessary in order "to create room for critical investments and
The staff cuts had been widely expected, though they are not
as deep as the last round in 2008, when Time Inc slashed 600
jobs in response to the economic downturn.
Parent company Time Warner Inc in November reported
that third-quarter revenue at Time Inc fell 6 percent to $838
million because of declines in subscription and advertising
revenue. Time Warner is due to report fourth-quarter results