Time Inc. cuts 6% of workforce
Friday, October 30, 2009
By:Chris Mars
The magazine industry seems to continue to fall as Time Inc. announced it will cut 6% of its workforce in a recent New York Times article. Cutting 6% of its workforce calculates to about 600 people. As recent as 2007 the company which produces magazines like Time Sports Illustrated and People was doing as much as $5 million. This year they're down to about $3.7 million and have cut $800 million in costs.
This is obviously bad news for a major company in the business and the future doesn't look much brighter. Recently, they have shut down magazines like Cottage Living and Southern Accents and Life, two very repectable magazines.
Will the magazine undustry bounce back or are we seeing the decline of a major medium?
Photo Credit: AllThingsBeautiful.com
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