Time Inc. has let go of between 50 and 75 employees, WWD has learned.
The news was confirmed by a spokeswoman from Time Inc., who added that the cuts were a combination of volunteers and job eliminations, meaning some workers left willingly, while others were laid off.
“This is a normal course of business as part of our ongoing transformation,” she offered without getting into details of the breakdown of the cuts. She also declined to provide insight into where they were centered, but it is believed editorial was impacted along with other parts of the business.
Time Inc. has been in the process of slashing costs since it decided to focus on the business’ evolution. In June, the publisher slashed 300 jobs, after it explored the possibility of a potential sale. Since then, Time Inc. has said it was looking to sell several magazines but so far, no deals have been inked. One deal that may be close to coming to fruition is the sale of a majority stake in Essence, its African-American media brand.
Regarding the cost-cutting, a representative from Time Inc. declined to comment on whether more reductions were coming this year. She did, however, point to the company’s upcoming third-quarter earnings call on Nov. 9 for further insight.
Cuts at Time Inc. come amid further changes in the magazine industry. Last week, Hearst bought Rodale for an undisclosed sum, and it is rumored that Condé Nast is gearing up to slash budgets and lay off employees in the next two weeks.