TIME INC.’S JOB CUTS: Time Inc. employees are beginning to feel the company’s mandate to cut costs before it spins off from parent company Time Warner. Sports Illustrated and Fortune suffered a slate of layoffs last week, including writers and art department editors. A spokeswoman from the Newspaper Guild said subject to negotiation of severance packages, SI has let go of 12 staffers and Fortune has laid off one on the editorial side.
This story first appeared in the February 10, 2014 issue of WWD. Subscribe Today.
A source with knowledge of the situation confirmed that one writer from Fortune was dismissed, and added that of the 12 employees from SI, nine are writers, two work on layouts and one is a photo editor.
This tally does not include non-Guild members, a source said, who also heard rumors that managers from SI and staff from its Web site had also been given notice.
An SI spokesman did not return requests for comment and a representative from Time Inc. declined to confirm the number of layoffs. As reported, Time Inc. is expected to cut numerous jobs over the next few weeks, with a spokeswoman confirming the cuts will be fewer than 500 people.
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