Time Inc. is eliminating 300 staffers — around 4% of its workforce — in a bid to restructure the company after a failed attempt to sell the organization earlier this year.
CEO Rich Battista lamented the “difficult but necessary step” in a memo sent to staff on Tuesday. He said that some of the positions will be eliminated while others would come from volunteer buyouts.
“I thank each and every one of them for their hard work, dedication, and service,” he said.
The cuts will be made from the beleaguered publishing company’s global operations, which includes magazines such as Time, Sports Illustrated, and Fortune. Battista referenced the publishing industry’s economic climate in his staff missive, but struck a positive note.
“Transformations do take time and patience, but I am encouraged by the demonstrable progress we are making as we implement our strategy in key growth areas, such as video, native advertising, and brand extensions, and as we see positive signs of stabilizing our print business, which remains an important part of our company,” he said, promising to share more information about the progress ahead.
Time Inc., once part of the massive Time Warner media conglomerate, was spun off in 2014. The publishing company backed away from a plan to sell itself in late April. At that time, Battista alluded to “multiple bidders” for the company.