Time Inc., the publishing division of Time Warner that's responsible for magazines such as Time, Sports Illustrated, and People, has struggled alongside the majority of print media to adapt to the growth of the internet, and it is now beginning work on cutting down its 8,000-strong staff. An internal memo obtained by AllThingsD and Bloomberg reveals that six percent of the division's workforce, or about 500 employees, are being laid off. The layoffs come in the face of continued disappointing earnings: Time Inc.'s sales decreased 6.2 percent during a nine-month period in 2012 compared with 2011. The losses face a truly massive media icon: the division says that more than one in two Americans read from at least one of its 21 magazines in...
via The Verge - All Posts http://www.theverge.com/2013/1/30/3934136/media-juggernaut-time-inc-lays-off-six-percent-of-workforce
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