View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

  1. Archive content
January 16, 2007updated 22 Nov 2022 10:14pm

Time magazine cuts 150 jobs

By Press Gazette

Streamlining Time magazine and some of its sister publications is expected to cost a lot of jobs.

At least 150 employees are expected to receive their "pink slips" – or dismissal notices this week. All part of a major effort to cut costs. Half of those being laid off are journalists.

The lay-offs are part of a major plan that includes re-working – and hopefully revitalizing – America's leading news weekly. The cuts come on the heels of a similar cutback last year in which more than 600 workers, mostly on the business side, were laid off.

To hopefully solve the dilemma, it was decided to make some major changes at the company's flagship, the almost 90-year-old Time magazine. First, publication date was moved forward – to Friday from Monday – hopefully to catch a weekend news-hungry audience.. and of course get coverage on weekend television.

But the biggest change is in the number of journalists assigned to any one story. In the past it has been as many as seven or eight. In future it will be two – a reporter and perhaps a fact-checker or sub editor. More on the lines of British magazines and newspapers.

Simultaneously Time is planning to shut down some of its bureaus, including Paris. Instead Time is planning to appoint a number of what it calls laptop correspondents who will work from home. Altogether, according to the NY Times, Time Inc has nearly 11.000 employees world wide – many these days involved in its web site. Their fate is uncertain.

Last year Time Inc folded Teen People because ads were down – but kept its website alive. An indication of how much Time Inc is banking on the future of the web. Many of Time Inc's publications rank highly on-line, particularly with celebrity and financial news. And of course sports coverage. At Sports Illustrated, for example, its digital site brings in 13 per cent of its profits – and are expected to be even higher this year. .

Content from our partners
MHP Group's 30 To Watch awards for young journalists open for entries
How PA Media is helping newspapers make the digital transition
Publishing on the open web is broken, how generative AI could help fix it

So what's the future? Henry Luce who started Time 84 years ago is probably, according to one company executive, already spinning in his grave. He envisioned Time as a news magazine, today it is heading towards becoming a feature publication.

As some experts have put it: Time may still have four million readers – but it lacks the status it once had. Even its covers are no longer regarded as having that much impact.

What's next? There have been denials that a some of the magazine's editorial work will be moved overseas – to India perhaps The very idea has sent shivers through the newsroom.

One thing unlikely to ever change, it's insisted, is the red mast-head on the cover. That is considered inviolate – by some anyway.

 

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly does of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network