by Christopher Freeburn | January 28, 2013 9:55 am
Inside sources tell AllThingsD that Time Warner‘s (NYSE:TWX) Time Inc. is about to swing the axe, dramatically trimming the iconic publisher’s staff.
The latest round of layoffs is expected to be announced this week. As many as 700 employees are likely to lose their jobs, more than the 600 that were cut during the publisher’s last major downsizing in 2008.
Time employs about 8,000 workers. Earlier layoffs had permitted it to continue to produce profits.
Still, Time’s revenue keeps sliding. In the third quarter of 2012, Time reported revenue of $840 million, down about 24% from the $1.1 billion it produced during the same period in 2008.
Earlier this month, Netflix (NASDAQ:NFLX) announced that it has concluded new agreements with Time Warner to carry a number of TV shows from the Cartoon Network and Turner Broadcasting.
Time Warner shares fell fractionally in Monday morning trading.
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