Time, Inc., Seeks to Reduce Workforce by 600

Time Inc. Calling for Buyouts

Major titles calling for 83 buyout volunteers; 92 jobs cut as part of consumer marketing reorg

-By Lucia Moses, Nov. 10, 2008

With a handful of higher-ups having already exited, Time Inc. is moving to the rank-and-file as it, like other publishers, seeks to reduce its workforce in the face of dropping ad revenue.

Some of Time Inc.’s biggest magazines have put out the call for at least 83 volunteers to take buyouts, according to memos and staffers at the company. The news comes as part of the company’s previously announced restructuring and plan to cut its headcount by about 600, or roughly 6 percent of the Time Inc.’s worldwide workforce of 10,200.

Sports Illustrated said it is looking for about 40 Guild and non-Guild volunteers from the editorial side. People is seeking 23 volunteers and Time magazine, about 20. Fortune and Money are also looking for volunteers from guild members, but did not specify a number.

Volunteers are asked to come forth by Dec. 1 to avoid involuntary layoffs.

Other, non-Guild cuts are expected to be made throughout the company’s 24 U.S. titles today.

“No one’s immune,” said one staffer, who called the mood “extremely grim.”

Separately, Brian Wolfe, the newly promoted head of Time Inc.‚s consumer marketing and sales organization, announced a restructuring in that division that resulted in 92 layoffs. Under the reorg, vice presidents will be assigned groups of titles and direct their respective consumer marketing activities.

The reorg of Oct. 28 has already led to the departures of the publishers of Time and Golf magazines and This Old House; Money editor Eric Schurenberg; and longtimers Tom Angelillo and Ned Desmond.