Wednesday, 19 November 2008

Time Inc to cut 250 jobs - NY Post

NEW YORK (Reuters) - Time Warner Inc's Time Inc, the world's largest magazine company, is expected to eliminate more than 250 jobs, as part of a larger job cut plan, the New York Post reported on Wednesday.

In October, the company said it was restructuring the division. As many as 600 jobs, or about 6 percent of the total staff, could be lost as a result.

The Post said that the 250 cuts would happen on Wednesday. The cuts include 47 positions at Cottage Living, a magazine that Time is closing, spokeswoman Dawn Bridges said. She declined to comment on the number used by the New York Post.

Cottage Living is the first magazine to be closed as part of the restructuring. The company previously said that magazines would not be closed.

The move comes in response to the onset of the world financial crisis, which is aggravating a decline in advertising spending at U.S. newspapers and magazines, particularly as more people shun printed publications in favor of free information on the Internet.

Time's restructuring affects some of the most well known U.S. magazines, including the Time weekly news magazine, People, Sports Illustrated and Fortune.

It is unclear how the results will affect the financial performance of Time Warner, which also owns the AOL Internet service as well as CNN, the cable news television network.

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