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IPFS News Link • Media: Print

Time Inc. set for another round of layoffs

•, By Keith J. Kelly

The layoffs are expected to hit by mid-November.

The move comes as Time's business and its stock continue to languish despite Chief Executive Rich Battista's pledge to Wall Street to shave $400 million in costs as part of the big restructuring plan.

A Time Inc. spokeswoman was not commenting on any of the developments.

But on a day when the Dow Jones industrial average topped 23,000 for the first time, Time Inc. shares fell 3.4 percent, to $12.25.

At least one big part of the restructuring plan seems to be proceeding full steam ahead as the company gets ready to sell its Time UK division, which publishes magazines including Wallpaper, Horse & Hound, World Soccer — as well as the British versions of Marie Claire and In Style, among others.

The private equity firm Epiris is reportedly closing in on a deal to buy the London-based unit for just under $200 million.

Another plank in the restructuring platform, however, looks shaky, sources said. The sale of the Customer Service Center in Tampa for a hoped-for $300 million is not going well, sources said.