More Than 250 Laid Off At Time Inc.; Bureaus Closed

At least 250 Time Inc. employees are getting the bad news today as the Time Warner unit goes through a long-anticipated round of deep cuts. As expected, not even the most successful magazine is being spared; the NYT reports People is closing its Washington, Chicago, Miami and Austin bureaus completely. The cuts amount to roughly 2 percent of the 11,000 staff.
More to come.
Update: AdAge: Nat Ives puts the final total at 289 for this round — 117 from the business side, 172 from editorial (86 jobs lost outright, 86 voluntary buouts available). That would bring the total of jobs eliminated in the last 18 months to nearly 800. That doesn’t include jobs trimmed by selling properties.
Among the changes:
— Time magazine will close its Chicago, Atlanta and LA bureaus. The total of positions being cut is at least 40; Time is looking for 31 volunteers.
— Two dozen jobs eliminated at SI.
AdAge also has the inevitable memo from Time Inc. chairman and CEO Ann Moore, who calls the moves “part of a restructuring necessary to sustain our progress”: “While we continue to invest in our core magazines, we are also focused on transforming our workforce and broadening our digital capabilities in order to become a truly multiplatform publisher. We