Next Round of Time Inc. Job Cuts Starts at Sports Illustrated
Time Warner CEO Jeff Bewkes acknowledged that hundreds of job cuts will hit the Time Inc. division of his company during a quarterly earnings call this week, and those layoffs began at Sports Illustrated. The New York Times reports that 15 to 20 sales and marketing staffers were laid off Tuesday night and that several hundred more cuts would likely affect Time Inc.'s news group in the coming days.
While no Time Inc. titles are expected to close in the short term, Bewkes did say he would "take a hard look at non-strategic and unprofitable titles." He added that the cuts would equate to a $100 million charge during the company's fourth quarter.
Time Inc. saw a 22-percent drop in advertising revenue during the third quarter compared to the same period a year ago and a 13-percent dip in subscription revenue.
The company dismissed about 6 percent of its staff a year ago when it laid off 600 people.