The acquisition of Time Inc. becomes final today, with executives of the company’s new owner, Meredith, set to move into their new offices Thursday, The New York Post reports. the acquisition is valued at $2.8 billion.
“New Meredith CEO Tom Harty will be moving into the offices of the last Time Inc. CEO, Rich Battista, on Thursday, sources said,” The Post reports. “Harty, who had been forced to work out of Meredith’s Des Moines headquarters since he became chief operating officer two years ago, will now be in charge of integrating the 7,200-person Time Inc. operation — home to Time, People, Sports Illustrated and InStyle — with the smaller 4,000-person Meredith operation, home to Better Homes and Gardens, Family Circle, Martha Stewart Living and Rachael Ray Every Day.”
Harty is quoted saying of Time, “There will be no changes in the editorial structure.” But when asked about downsizing and how many people might be cut at Time, he answered: “We haven’t calculated that yet.”
The report notes that Alan Murray, Time’s chief content officer, along with chief revenue officer Brad Elders, will be spared.
“One rumor making the rounds is that editors are going to be asked to take big pay cuts — perhaps up to one-third — to retain their jobs,” the report notes, adding that Harty shot down the rumor.
“There will be no changes in compensation on Thursday,” Harty is quoted saying. He added: “We have not had any conversations with anyone about compensation.”