'Rapid Transformation': Time Inc. Cuts 300 Jobs as Part of Restructure Plan

By wjarvis@adage.com (Will Jarvis)


Time Inc. is cutting roughly 300 jobs, or 4% of the global workforce, in an effort to restructure its priorities to the video and digital landscapes.

The announcement came Tuesday as Time Inc. — the publisher of Sports Illustrated, Fortune, People and Time, among others — navigates a period of “rapid transformation,” according to a memo from CEO Rich Battista. The year began with speculation that Time Inc. would find a buyer, but no deal was struck as the magazine group doubled down on pursuing its “strategic plan.”

That plan was to focus more on video and digital, as well as native advertising, digital sales, licensing and branding.

Time Inc. is cutting roughly 300 jobs, or 4% of the global workforce, in an effort to restructure its priorities to the video and digital landscapes.

The announcement came Tuesday as Time Inc. — the publisher of Sports Illustrated, Fortune, People and Time, among others — navigates a period of “rapid transformation,” according to a memo from CEO Rich Battista. The year began with speculation that Time Inc. would find a buyer, but no deal was struck as the magazine group doubled down on pursuing its “strategic plan.”

That plan was to focus more on video and digital, as well as native advertising, digital sales, licensing and branding.

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Source:: Advertising Age Digital

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