Time Inc. will lay off approximately 480 staffers, 6 percent of its 8,000-person work force, CEO Laura Lang told staff in a memo on Wednesday.
Staff has been expecting cuts for months, and initial prognostications placed the totals higher – at 700. Lang came to Time Inc. in November of 2011 from digital ad agency Digitas, and in the memo cited the need to shrink in a digitized age where the publishing industry continues to take it on the chin.
Also read: Time Inc. to Lay Off Up to 700
"With the significant and ongoing changes in our industry, we must continue to transform our company into one that is leaner, more nimble and more innately multi-platform," Lang wrote. "To make this change, we need to operate as smartly and efficiently as possible to create room for critical investments and new initiatives. These reductions are part of this important transformation process."
Revenues have been in decline at Time Inc., which has also posted operatings losses in recent quarters for parent company Time Warner. That stands in sharp contrast to the television business, which continues to generate a hefty profit.
Time Inc. is the publisher of magazines such as Sports Illustrated, People, Time and Fortune.
Here's the full memo:
To: Time Inc. Employees
From: Laura Lang
Today we are beginning the painful process of reducing our global staff of 8,000 by approximately six percent. I first want to thank the people who will be leaving us for their years of hard work and dedication to the company. They are so much more than Time Inc. employees. They are good friends and trusted colleagues with whom we have worked closely. Losing them is going to be very difficult for everyone. They come from all areas of Time Inc. across our locations - both domestic and international. I am grateful for their service and I know you join me in wishing each of them all the best.
With the significant and ongoing changes in our industry, we must continue to transform our company into one that is leaner, more nimble and more innately multi-platform. To make this change, we need to operate as smartly and efficiently as possible to create room for critical investments and new initiatives. These reductions are part of this important transformation process.
I know the coming days and weeks will be hard and I want to thank you in advance for your patience as we work through this period.