Time Inc. To Unleash Monster $US100 Million Layoff Round

It’s nearly Halloween again, which means it’s time for Time Inc. to terrify everyone with a gigantic bloodletting. Last year that meant the firing of 600 staff; this year it means the firing of however many workers $US100 million buys.

Time Inc. is planning to cut $US100 million in (presumably annual) costs, sources tell the New York Times‘ Stephanie Clifford, and the magazine group plans to achieve those savings primarily through layoffs. Yikes; there are enough journalists jobless as it is. Still $US100 million is just 2.7 per cent of the company’s estimated revenues this year, and less than half of estimate losses in the third quarter alone. So it’s hard to see how this round of cuts will stop the bleeding.

The point being, things haven’t even begun to get horrific yet. Maybe next year.