Time Inc (NYSE:TIME) is reportedly planning to start cutting jobs to save on costs.
The news of the TIME layoffs comes from a leaked memo sent out to employees of the company. The memo is from Time In CEO Rich Battista. In the memo, he says that the job cuts will allow the company to better focus on growth areas.
The TIME layoffs will have the publishing company reducing its workforce by a total of 4%. It will accomplish its goal of cutting 300 jobs via layoffs and buyouts. The decision to reduce its workforce comes as Time Inc, as well as other physical publishers, face a decline in ad revenue and circulation, reports Reuters.
The memo detailing the TIME layoffs didn’t say which employees will be facing layoffs. All that it known is that the company plans to continue to push its digital efforts to try and pull back the readers it has lost from the decline in print readers.
Time Inc’s efforts to make the switch to digital has resulted in major changes at the company. This includes replacing many senior members of management. It has also been looking to sell off some of its magazine brands.
Time Inc was considering selling itself, but changed its mind following months of negotiations with potential buyers. This has it fully committing to its strategy of reinventing itself as a digital publication, Bloomberg notes
TIME stock was down 1% as of noon Wednesday and is down 23% year-to-date.
