NEW YORK (MarketWatch) -- Time Inc., after eliminating 105 management jobs just before Christmas, is moving to cut about 100 more, including up to 10 at its flagship, Time magazine, a product of Time Warner (TWX) The New York Times reported in its Tuesday editions.
Both editorial and business-side employees are being cut at several of the company's domestic magazines. About 40 business-side employees were notified yesterday that they were losing their jobs, as were 26 editorial employees who are not in the Newspaper Guild.
The Times reports that about three dozen other editorial employees who are protected by the Guild are being offered buyouts and will have until Feb. 13 to decide whether to accept them. If not enough Guild-protected people take the buyouts, there will be layoffs, executives said. The company employs about 13,400 people.
The company does not plan any other job cuts in the near term, said Dawn Bridges, a spokeswoman.
The paper reported that two of the titles most affected will be Time and Money magazines. But there will be cuts across the board, including at other Time Inc. brand names like Fortune, Sports Illustrated and Real Simple.
At Time magazine, Jim Kelly, the managing editor, said he was asking "up to 10" employees to consider buyouts, or less than 5% of the magazine's domestic and foreign staff of 225. All are editorial assistants, writers or correspondents. He said that if he did not have enough volunteers, "I may have to make some involuntary layoffs."
