Time lays off nearly 300 staff

0 Comments | AFP, January, 2007

NEW YORK (AFP) — Time Inc. said it was laying off nearly 300 staff as part of a restructuring plan designed to cut costs and improve collaboration between its online and print editions. The publisher said that a total of 289 staff members would be laid off, representing 2.75 percent of its 10,500-strong workforce, with the lion's share of the losses among the editorial departments of the group's titles.

"These layoffs are part of the necessary restructuring of our business as we continue to transform into a multi-platform publisher and are focused on increasing efficiency," the company said in a statement. It did not say how many jobs were to go at each of the group's titles, which include its flagship news magazine Time and celebrity weekly People, the top-grossing title by...