Time Inc., which has been implementing a series of reorganizations, is now poised to focus on cutting jobs, The New York Post reports.
“Roughly 110 jobs, or 1.5 percent of the payroll, will be slashed, mostly from the sales and marketing departments, as Chief Executive Joe Ripp struggles to overcome falling ad revenues and a growing migration of readers to digital formats, sources said,” The Post reports.
The venerable publisher of Time, People, Sports Illustrated and other magazines was due to report its second-quarter results today.
“Morale is sinking with ad revenue — with second-half totals expected to be ‘down over $100 million,’ according to one source,” The Post reports, noting that the company is reportedly hopeful that job cuts will be limited to a little over 100..
The company is said to be confident the job cuts will be limited to just over 100, although some insiders aren’t so optimistic.