It was coming since Meredith Corp. acquired Time Inc. in January, and Meredith just made it official: The company will cut 1,800 jobs, The New York Post reports — almost 26% of the 7,000 Time Inc. employees who became a part of Meredith when the $2.8 billion deal closed on Jan. 31.
“The level of cuts is deeper than earlier reports but not a surprise,” The Post reports.
“In addition, the company formally acknowledged that Time, Sports Illustrated, Fortune and Money are on the block,” the report adds. “The cutbacks unveiled Wednesday do not include the hundreds of people on those four titles who will soon be divested.”
“The layoff figures also don’t include close to 1,000 people who worked on Time Inc. UK, which was sold on Monday — meaning the full level of the people jettisoned in the merger amounts to about 3,000 people, sources estimate,” The Post reports.