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Time Inc. to Cut $100 Million; Extensive Layoffs Are Expected (Dinosaur Media DeathWatch™)
The New York Times ^
| October 29, 2009
| Stephanie Clifford
Posted on 10/29/2009 4:03:37 PM PDT by abb
Signaling that worse times are ahead for magazines, Time Inc. is expected to announce next week that it will cut $100 million from costs, including another big round of layoffs.
The timing is coordinated with parent company Time Warner’s third-quarter earnings announcement, sources said, scheduled for Wednesday morning.
Time Inc., the publisher of titles like Time, Fortune, and People, has already cut costs dramatically: a year ago, it announced it was dismissing 6 percent of its work force, or about 600 people.
That was apparently not enough to make up for revenue declines. The $100 million in costs is expected to come largely from layoffs, said sources, who asked to remain anonymous as they were not authorized to discuss the matter.
Michael Nathanson, an analyst at Sanford C. Bernstein & Co., said he expected that third-quarter revenue at Time Inc. would fall about 19 percent, to $900 million.
“For the year, we’re at about $3.7 billion, and this company had done almost $5 billion as late as 2007,” Mr. Nathanson said.
Since 2004, Time Inc. has cut about $800 million in costs, Mr. Nathanson said.
Overall, Mr. Nathanson said, he expects Time Warner to post earnings of $0.54 cents a share, well up from the $0.30 a share it posted in the third quarter of 2008.
Time Inc. has already been slashing costs over the last several years. Since 2007 it has shut down titles including Business 2.0, Cottage Living, Southern Accents and Life, which it had revived as a newspaper supplement. Last week, Fortune announced that it would no longer be biweekly, and would drop its frequency from 25 to 18 issues a year. A stricter expense-account policy has been in place for some time, and some magazines have decreased the weight of the paper they use.
snip
(Excerpt) Read more at mediadecoder.blogs.nytimes.com ...
TOPICS: Business/Economy; Culture/Society; Front Page News; News/Current Events
KEYWORDS: advertising; dbm; layoffs; liberalmedia; magazines; time; timeinc; timemag
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To: abb
Eyes are blinded by tears of pain
Hopes and dreams are shattered into fragments time and time again
Life's a prison and death's the key
Time take my life (x's 9)
It's gotta bring me down. Down down down 'til I'm free.
Where's the reason and where's the rhyme
Life's a single second in the eternity of time
Life's a gift that time takes away
Time take my life (x's 9)
It's gotta bring me down. Down down down everyday, everyday.
repeat 1st verse and chorus
Until your last breath, until your last breath slips away
(that's what time is babe, that's what life's all about babe
you can't rule it babe, it's gotcha babe)
![](http://images.amazon.com/images/P/B00005RVNU.01.LZZZZZZZ.jpg")
21
posted on
10/29/2009 4:25:48 PM PDT
by
Chode
(American Hedonist *DTOM* -ww- I AM JIM THOMPSON!)
To: abb
OK all employees line up. Only those that have shown the most loyalty to the master high leader and messiah will be retained. All others we wish you all the best in your new adventures and careers.
22
posted on
10/29/2009 4:26:10 PM PDT
by
Harley
(Life is Tough, But It's a Lot Tougher When You're a Liberal. Stop Global Whining Now.)
To: abb
23
posted on
10/29/2009 4:27:48 PM PDT
by
abb
("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
To: Recovering Ex-hippie
24
posted on
10/29/2009 4:30:17 PM PDT
by
abb
("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
To: abb
I guess Treasury will convert “Time” into a “Bank Holding Company” and give them 10 trillion dollars....
25
posted on
10/29/2009 4:30:38 PM PDT
by
KoRn
(Department of Homeland Security, Certified - "Right Wing Extremist")
To: Harley
Will not be missed much, read this weeks addition, nothing worth reading. Should have been scuttled long ago. Left Leaning rag, that was a waste of trees.
26
posted on
10/29/2009 4:30:53 PM PDT
by
BooBoo1000
(Some times I wake up grumpy, other times I let her sleep/)
To: Chode
27
posted on
10/29/2009 4:31:36 PM PDT
by
abb
("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
To: BooBoo1000
My last TIME was their gun/suicide issue 25 years ago. I realized they’d been taken over by fools.
To: Eric in the Ozarks; All
29
posted on
10/29/2009 4:34:56 PM PDT
by
abb
("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
To: abb
30
posted on
10/29/2009 4:36:13 PM PDT
by
abb
("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
To: abb
These publishing POS should reap what they have sown. The magazines and newspapers cater to the left and right coasts and ignore the flyover’s needs and hence why they are failing.
31
posted on
10/29/2009 4:38:47 PM PDT
by
vetvetdoug
(FUBO, a fashion statement for conservatives.)
To: abb
32
posted on
10/29/2009 4:50:24 PM PDT
by
abb
("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
To: abb
To: abb
WHERE’S vANILLA FUDGE ALBUM?
When I post the pics they are HUGH.ha.
34
posted on
10/29/2009 4:51:59 PM PDT
by
Recovering Ex-hippie
(Pray for Israel! And Georgia ! And the Iranian people! and Honduras!)
To: Recovering Ex-hippie
35
posted on
10/29/2009 4:55:23 PM PDT
by
abb
("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
To: martin_fierro
Frozen in TIME
36
posted on
10/29/2009 5:04:49 PM PDT
by
abb
("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
To: abb
So this is why Joe Klein's panties are all in a bunch...
37
posted on
10/29/2009 5:07:46 PM PDT
by
CaptSkip
To: abb
Wonder if the last story some of these “reporters” reported was the end of the recession with the uptick of the bogus GDP numbers...
38
posted on
10/29/2009 5:16:17 PM PDT
by
Mamzelle
(Who is Kenneth Gladney? (Don't forget to bring your cameras))
To: Eric in the Ozarks
I stopped reading Time around 1995 or so, around the same time I stopped reading Newsweek and US News and World Report.
39
posted on
10/29/2009 5:22:24 PM PDT
by
rlmorel
(Obama, The Flatulence of One Thousand Black Dogs After Eating Boiled Eggs Be Upon Him...)
To: Mamzelle
The Future of TIME
40
posted on
10/29/2009 5:24:16 PM PDT
by
abb
("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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