Publisher Meredith Corp to lay off 200 to 300 Time staff: Report
19 Mar 2018
Magazine publisher Meredith Corp will lay off between 200 and 300 employees following its merger with Time Inc, The Wall Street Journal reported.
The layoffs are said to stem from the elimination of duplicate corporate staffing and are expected to impact Time Inc employees, according to the report.
The company is also in the process of cutting costs up to $500 million over the next two years.
The publisher announced last year that it would acquire Time Inc for $1.8 billion.
“We are adding the rich content-creation capabilities of some of the media industry’s strongest national brands to a powerful local television business that is generating record earnings, offering advertisers and marketers unparalleled reach to American adults,” Meredith CEO Stephen Lacy said in a statement following the merger.
Meredith Corp is expected to put in place a new sales structure and will pitch to advertisers with larger print and digital offerings, according to the Journal.
Meredith Corp is supported by conservative mega-donors Charles and David Koch and is known for magazines such as Family Circle, Martha Stewart Living and Better Homes and Gardens. It is also the largest magazine publisher in the US.
Among other magazines that Time Inc publishes are Time, Sports Illustrated and People.
Meanwhile, Reuters reported that the sale process is confidential and there is no guarantee that Meredith actually will sell the titles to be shopped.
“We are in fact exploring a number of additional changes to the (magazine) portfolio, including divestitures of brands and businesses that might perform better under a different owner,” Meredith CEO Steven Lacy told investors at a Deutsche Bank conference earlier this month, according to Reuters.
According to The Journal, the layoff would be only the first round, and more job cuts are expected to follow as Meredith continues the integration of former Time Inc into its business.