Co. cuts employee subscriptions, holiday parties
NEW YORK — The Grinch may have come early this year at Time Inc.
In FYI, the company’s internal newsletter, this month, CEO Ann Moore is asked in a Q&A if the company should expect more cost-cutting.
“Well, I still want my $100 million!” she exclaims in what has quickly become an oft-quoted refrain around various Time Inc hallways since the newsletter’s release earlier this week.
Moore says that the company is “finding money in strangest places — for example, stopping the automatic renewal of employees’ subscriptions.”
In the interview, Moore saved the bad news until last.
When asked if she regretted her infamous cancellation of holiday parties last year, she didn’t show much remorse. “I didn’t miss the holiday parties. And I won’t miss them next year.”
The March newsletter featured a cover with a fishbowl in which floated a pair of golden handcuffs. The cover line reads: “Underwater! All You Need to Know about AOL Stock.”
Aside from the Moore interview, there were articles about art in the Time & Life building and how to ferret out the income of AOL’s toppers. “You don’t have to be a private detective to find out how much our bosses make,” a staffer wrote.