Time could announce job cuts
Time Warner owned media network Time Inc. could soon announce their restructuring plan that could result in job cuts.
The company could remove as many as 600 positions in the company. This comes to around 10% of their total workforce.
Time Inc Chairman and Chief Executive Ann Moore wrote in a memo to company employees: “Industry conditions have been challenging due to the financial crisis, which has produced sharp decreases in advertising spending. This is expected to continue through most of 2009.”
Moore added: “It’s important that we at Time Inc react quickly to this new reality in order to maintain our financial strength, build our market position, and sharpen our ability to bounce back at the first signs of economic recovery.”
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