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Time Warner Inc's Time Inc CEO restructures ahead of spin-off; layoffs ahead - Reuters


Tuesday, 4 Feb 2014 12:42pm EST 

Time Warner Inc:Time Inc Chief Executive Officer Joe Ripp is reorganizing the structure of the magazine publisher and consolidating oversight as it prepares to spin off from its corporate parent Time Warner, according to a memo to staff on Feb. 04 - Reuters.Time Inc is eliminating three operating units - sports and news, lifestyle and entertainment - that divided its stable of titles such as U.S. magazines Sports Illustrated and People.The company also plans to cut about 500 positions globally, or roughly 6 pct of its workforce.The move to reorganize the publisher's six-year-old structure comes as Time Inc integrates American Express Publishing, which it bought last year, and prepares to separate from Time Warner Inc this year. 

Company Quote

83.79
1.35 +1.64%
26 Nov 2014