‘You’ may be newsworthy but…
…you’re terrible for business. Today, Time Warner Inc. announced that they were laying off nearly 300 people at its top magazine titles.
People is laying off 44 editorial employees, though it is also creating 7 new jobs, for a net loss of 37. Time, the company’s flagship magazine, is also cutting about 50 people, and is shutting down bureaus in Los Angeles, Chicago and Atlanta. Seven positions in its Washington bureau and three in Paris are being eliminated.
Coming on the heels of Time naming "You" its Person of the year, it’s interesting to hear its CEO say:
“But progress brings change,” she added, “and we need to continue to evolve to meet the cost pressures and challenges presented by our rapidly shifting industry.”
Let’s read between the lines here – news consumption patterns are changing (read blogs & co.); ad revenues are shifting (read online); information is immediate and able to travel large distances in a single bound (don’t need those bureaus).
As Time itself acknowledges:
The retrenchment comes as Time Inc., the nation’s biggest magazine publisher, seeks to expand its branded properties on the Web, where the company sees its future.
It’s a brave new world indeed.
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