Time Inc. biz titles expected to be hit hard with layoffs
Keith Kelly of the New York Post writes Friday that the expected layoffs coming next week at Time Inc. are likely to hit Fortune, Fortune Small Business and Money magazines.
Kelly writes, “The News and Finance Group, which includes Time, Sports Illustrated, Fortune, Fortune Small Business and Money, is expected to be the hardest-hit part of the company. The unit will have a small reprieve: under a contract with the Newspaper Guild the company will first have to seek buyout volunteers.
“The London-based IPC Group and the Birmingham, Ala.-based Southern Progress, whose flagship title is Southern Living, escaped major hits in the round of layoffs unveiled in the fourth quarter of last year. The division, headed by Executive Vice President Sylvia Auton, will not be so lucky this time around, sources predicted.
“The scale of the layoffs means Time Inc. holds the distinction of the biggest mass firing in publishing this year, outpacing the 460-plus involuntary terminations at rival Condé Nast.”
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