Time Warner (TWX) is making some radical changes that will cut hundreds of jobs as part of the Time layoffs.
CEO Joe Ripp said that the company is looking to “right-size the organization” in a move that will put hundreds of Time Warner employees out of work. These Time layoffs are partially being done to help the company spin off its publishing arm into a publicly-traded business.
The new entity’s success “will depend on how investors view the momentum we are generating at the new Time Inc,” according to Ripp. That requires “some substantive and sometimes painful changes to the way we operate and approach our business.”
Many employees will find out today or within the next few days if they are being laid off. TWX stock is up 1.4% Tuesday.