Time Inc said on Tuesday it is eliminating 300 positions, or 4
percent of its workforce, through layoffs and buyouts, according to an
internal memo.
Reuters reported that the cuts were being made as the New York-based
media company, which publishes dozens of magazines including Time,
Sports Illustrated and Fortune, is looking to cut costs and reinvest in
growth areas, according to the memo from Time Inc Chief Executive
Officer Rich Battista to employees.
Time Inc, like its peers in the publishing industry, has been
struggling as print circulations shrink and advertisers shift to digital
platforms.
Time Inc replaced its chief executive officer and evaluated a sale
earlier this year after activist hedge fund Jana Partners LLC unveiled a
stake in the company.
Meredith Corp made a preliminary offer to buy Time Inc in April, but
the bid fell short of price expectations and ultimately the deal
failed.
In May, Jana disclosed it had sold its stake in Time Inc.
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