Time Inc. to cut over 600 jobs

Time Inc., publisher of such famous magazines as Time, Fortune, and Sports Illustrated, has announced that it will cut six percent of its workforce, according to The New York Times.

No magazines are scheduled to close, but some are likely to be severely cut back. Ann S. Moore, Time Inc.’s chairman and chief executive, was already planning an overhaul because of the upheavals in print media, but she was forced to speed up those efforts amid the financial crisis and looming recession.

According to the article, the company will likely go through a significant restructuring process to restrict what has historically been a fairly loosely-governed organization.
The company still employs about 7,000 people in the U.S. and over 3,000 people around the world.

To read the article, click here.