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Time Inc. Will Lay Off 700 After 5% Ad Decline

• Business Insider
 

The staff cuts will come sometime in the first quarter, said a person familiar with the company's plans, and will be across the board -- not just focused on editorial, where staffing has already been hard hit.

A Time Warner spokesman declined comment.

Time Inc. revenue fell 6% for the nine months ended in September to $2.5 billion. Profit dropped 14% to $220 million. During that period, it dominated 21.5% of overall domestic magazine advertising.

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