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.