Ann Moore

For the magazine business, 2011 will be a year to watch—and not just because it could hold answers to lingering questions about the financial health of the industry.

Time Warner Inc. on Monday said that former Meredith Corp. executive Jack Griffin will succeed Ann Moore as chief executive of Time Inc.

The New York Times reports that layoffs will affect about 6 percent of the company's employees, resulting in more than 600 job cuts.Moore's internal memo mentioned "a challenge, unlike any we've seen before" -- a reference to the current financial crisis and declines in advertising revenues.

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