Time Inc., which is looking at what many insiders expect to be a grim fourth quarter, announced a number of cost-cutting measures, with The New York Post reporting that the company “will slash the circulation of Time and People en Español and reduce the frequency of Sports Illustrated, Fortune and four other titles.”
The moves take effect Jan. 1, with the anticipated dip in manufacturing costs expected to be accompanied by a decrease in revenue.
“That revenue shortfall will be partly offset if Time Inc. is successful in its latest quest to publish print titles for a number of digital companies,” The Post reports, quoting CEO Rich Battista saying: “We are engaged in conversations with several pure-play digital companies and exploring creating print magazines for their brands.”
The biggest impact will be at Time magazine, where circulation is being slashed from 3 million to 2 million per issue. The publication’s frequency will stay at 44 issues per year. Sports Illustrated will cut back on the number of issues it publishes annually, from the current 38 issues to just 27.
Fortune is cutting back from the current 16 issues a year to a monthly publication schedule, Money will slim down to 10 issues from the current 11, and Entertainment Weekly will cut the number of issues per year by four, to 34 issues.