Time Magazine Makes More Cuts
AOL Time Warner's flagship magazine, Time, is cutting jobs, according to Managing Editor Jim Kelly. The company already fired a dozen people with more reductions expected in the next few weeks. Additionally, Time magazine fired a dozen people earlier this year. The expected total in the next few weeks is expected to grow close to several dozen job cuts, or 6 percent of its total workforce.
Similarly, Fortune recently fired 40 people. And Money.com, the Web site belonging to Money magazine, eliminated eight employees. According to AOL Time Warner, the recent firings are unrelated to the 530 early-retirement incentives proposed in late May to employees of Time, People, Sports Illustrated and InStyle.